Extension of Due Date for Reporting Opening Balance for ITC Reversal – GST Advisory 619 Dated. 29 December 2024
Discover the latest update from the Goods and Service Tax Network (GSTN) in Advisory 619 Dated 29 December 2023, providing a crucial extension for reporting the opening balance for Input Tax Credit (ITC) reversal. Read on to stay informed about the amended deadlines and the introduction of a user-friendly Electronic Credit and Re-claimed Statement on the GST portal.
Content:
In a bid to assist taxpayers in ensuring accurate reporting of ITC reversal and its subsequent reclaim, the GSTN has introduced a new ledger – the Electronic Credit and Re-claimed Statement. This feature, available on the GST portal, enables taxpayers to easily track ITC that has been reversed in Table 4B (2) and subsequently reclaimed in Table 4D (1) and 4A (5).
Extension Details:
To further support taxpayers, the GSTN has extended the deadline for declaring the opening balance for ITC reversal in the statement. Now, taxpayers have until January 31, 2024, to take advantage of this opportunity. It’s important to note that after declaring the opening balance for ITC reversal, only three opportunities for amendments will be provided. This allows corrections for any inadvertent mistakes or inaccuracies in the initial reporting.
Amendment Period:
The facility to amend the declared opening balance for ITC reversal will remain open until February 29, 2024. This additional time ensures that taxpayers have ample opportunity to review and rectify any errors in their reporting, contributing to a smoother and more efficient tax compliance process.
Conclusion:
Stay compliant and informed by leveraging the extended reporting window for ITC reversal opening balances. Take advantage of the user-friendly Electronic Credit and Re-claimed Statement on the GST portal, and be sure to make any necessary amendments before the revised deadline of February 29, 2024. This update reflects the GSTN’s commitment to facilitating a seamless and error-free reporting process for taxpayers.
To Access the GSTN Advisory 619 in Portal CLICK HERE
To Access the CBIC Notification No. 56/2023 CLICK HERE
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