Quick Summary
GSTN has issued an important advisory on reporting of ITC reversal opening balance. Please read the following advisory carefully before proceeding ahead for reporting the ITC Reversal opening balance Taxpayers are permitted to use this facility to report their ITC Reversal Balance that has not been re-claimed. The taxpayer is advised to report solely those reclaimable ITC reversal balances that meet the legal criteria for re-claim and have not been previously claimed by the taxpay
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
Taxpayers must report their ITC reversal opening balance by 30th November 2023.
Yes, you can amend your reported opening balance until 31st December 2023.
You are allowed to amend your reported or amended opening balance a maximum of three times.
If you do not report an opening balance by 30th November 2023, it will be assumed that you have no ITC reversal balance to report.
This facility should only be used by taxpayers who have an ITC reversal balance that is eligible for re-claim but has not yet been re-claimed.
The reported or amended opening balance will be credited to the 'Electronic Credit Reversal and Re-claimed Statement'.
CAclubindia
