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Taxation Central Ministry of Finance Central Goods and Services Tax Act, 2017

GSTN: Introducing Electronic Credit Reversal and Reclaimed statement

31-Aug-2023 | Advisory

The Goods and Services Tax Network (GSTN) has issued an advisory regarding the introduction of Electronic Credit Reversal and Reclaimed Statement. The key points highlighted in the advisory are as follows:

Reporting Opening Balance: Taxpayers with a monthly filing frequency are required to report their opening balance, considering the Input Tax Credit (ITC) reversal done until the return period of July 2023.

Quarterly Taxpayers: Quarterly taxpayers should report their opening balance up to Q1 of the financial year 2023-24, considering the ITC reversal made until the April-June 2023 return period.

Declaration Deadline: Taxpayers have the opportunity to declare their opening balance for ITC reversal until 30th November 2023.

Amendment Opportunities: Taxpayers will be provided with three opportunities to amend their opening balance in case of any mistakes or inaccuracies in reporting. Both reporting and amendment facilities are accessible until 30th November 2023.

Amendment Period: After 30th November till 31st December 2023, only amendments will be permitted, and the option for fresh reporting will not be available. The amendment facility will be discontinued after 31st December 2023.

For detailed information, please refer to the attached document.

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