ITC CREDIT TIME LIMIT EXTENDED ON 15.09.2024 | 15.09.24 से CREDIT TIME LIMIT EXTENDED | ITC RECLAIM

ITC CREDIT TIME LIMIT EXTENDED ON 15.09.2024 | 15.09.24 से CREDIT TIME LIMIT EXTENDED | ITC RECLAIM | NEW DATE FROM 15.09.24

ABOUT VIDEO-
Re-opening of Reporting ITC Reversal Opening Balance
Sep 17th, 2024
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-3Bregarding 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 onfulfilment 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 toavoid clerical mistakes, a new ledger namely
Electronic Credit Reversal and Re-claimed Statement
wasintroduced on the GST portal from
August 2023 return period for monthly taxpayers and from July-September 2023 quarter for quarterly taxpayers.
The taxpayers were also given an opportunity to reporttheir cumulative ITC reversal as an opening balance in the newly introduced
Electronic Credit Reversaland Re-claimed Statement.
Extension of due dates for reporting opening balance:
3. Now, the Taxpayers are being provided with one final opportunity to report their cumulative ITCreversal (ITC that has been reversed earlier and has not yet been reclaimed) as opening balance for
"Electronic Credit Reversal and Re-claimed Statement",
if any, before hard locking the reversal andreclaim ledger. Please note the important dates to report opening balance are mentioned below.
(i) The functionality to reporting the opening balance will be available from
15th September 2024 to31st 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 consideringthe ITC reversal done till the return period of
July 2023 only
. As after this period balance is alreadyavailable 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 balanceis already available in ledger.
4. It may be noted that soon system would not allow to re-claim of ITC in excess of the amount reversedearlier and the taxpayers will not be able to reclaim excess ITC compared to the balance available in their
Electronic Credit Reversal and Re-claimed Statement.
Therefore, it is advised to make use of thisextended period to ensure that all relevant information is reported accurately.
5.For further information please click below link for detailed advisory on
Electronic Credit Reversal andRe-claimed Statement


Watch video to know:
itc reclaim ki due date badh gy,
itc reclaim ki date extend ho gyi.
itc reversed ki opening ki date extend ho gyi,
itc kya hota hai,
itc ka kya matlab hai,
itc ka utilization kaise kiya jata hai,
itc ko revesed kaise kare,
gst registration new update,
how to file gst monthly return online,
e invoice not showing in gstr 1,

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