Date Extended for Reporting Opening Balance for ITC Reversal | GSTN Advisory
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- By Chetan Kulasri
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- Last Updated on 2 January, 2024
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GSTN Update dated December 29th, 2023
The GSTN has issued an update to inform that opportunity to declare opening balance for ITC reversal in the statement has been extended till 31st January, 2024. Notably, in order 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 and Re-claimed Statement was introduced on the GST portal.
It is also provided that facility to amend declared opening balance for ITC reversal will be available till 29th February, 2024. Kindly note that after declaring the opening balance for ITC reversal, only three amendment opportunities post the declaration will be provided to correct declared opening balance in case of any mistakes or inaccuracies in reporting.
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