Goods and Services Tax – GST Dated:- 17-9-2024 – News – 1. Vide Notification No. 14/2022 Central Tax dated 05th July, 2022 (read with circular 170/02/2022-GST, Dated 6th July,2022 ), the Government introduced certain changes in Table 4 of Form GSTR-3B regarding availment reversal of ITC along-with reporting of re-claimed and ineligible ITC. Accordingly, the re-claimable ITC earlier reversed in Table 4(B)2 may be subsequently claimed in Table 4(A)5 on fulfilment of necessary conditions and such reclaimed ITC also needs to be reported in Table 4D(1). 2. To facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, a new ledger namely Electronic Credit Reversal and Re-claim
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port opening balance are mentioned below. (i) The functionality to reporting the opening balance will be available from 15th September 2024 to 31st October 2024. (ii) The amendments in declared opening balance will be available till 30th November, 2024. (iii) Taxpayers having monthly filing frequency are required to report their opening balance considering the ITC reversal done till the return period of July 2023 only . As after this period balance is already available in ledger. (iv) Quarterly taxpayers shall report their opening balance up to Q1 of the financial year 2023-24, considering the ITC reversal made till the April-June 2023 return period only. As after this period balance is already available in ledger. 4. It may be noted that s
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