The Goods and Services Tax Network (GSTN) on December 29, 2023, issued the Advisory on the extension of the date for reporting the opening balance for ITC reversal.
The following has been stated namely: -
• A new ledger namely Electronic Credit and Re-claimed Statement was introduced on the GST portal. This statement was made available to help the taxpayers in tracking their ITC has been reversed in Table 4B(2) and thereafter re-claimed in Table 4D(1) and 4A(5).
• Now to facilitate taxpayers further, the opportunity to declare the opening balance for ITC reversal in the statement has been extended till January 31, 2024.
• After declaring the opening balance for ITC reversal, only three amendment opportunities post the declaration will be provided to correct the declared opening balance in case of any mistakes or inaccuracies in reporting.
• Facility to amend declared opening balance for ITC reversal will be available till February 29, 2024
