This is to update you regarding newly introduced statement/ ledger on GSTN portal namely Electronic Credit and Re-claimed Statement.
Table-4 of GSTR-3B was amended in July 2022 to enable the correct reporting of ITC availed, reversed and re-claimed in return. However, no separate ledger was available to record the amount of ITC reversed and re-claimed thereafter.
The Government has now decided to keep separate record of ITC reversed earlier and re-claimed at a later stage in order to avoid the excess availment of ITC and thus, a separate ledger/ statement shall be available on GSTN portal effective from 01 August 2023 to keep track thereof.
As a one-time measure, the taxpayers have been asked to update the opening balance of ITC reversed earlier which still remains un-claimed. Updation shall be done in the following manner:
Window to declare the opening balance or to amend such details (up to 3 amendments) shall be available till 30 November 2023. From 1 December 2023 to 31 December 2023 only amendment facility shall be available. No declaration or amendment facility shall be available post 1 January 2024.
Validation mechanism has also been incorporated in GSTR-3B return. A warning message shall be displayed where ITC re-claimed will be more than ITC reversed. However, taxpayer shall be allowed to proceed further for filing of return.
Trust the above is useful.
Regards
CA Jai Prakash
