In this document we are going to briefly discuss about introduction of Electronic Credit Reversal and Re-claimed statement on GSTN
> Background
- The reclaimable ITC earlier reversed in Table 4B(2) may be subsequently claimed in Table 4A(5) on fulfilment of necessary conditions.
- Such reclaimed ITC in Table 4A(5) also needs to be explicitly reported in Table 4D(1).
> Dealing with above the following are the amendments
- A new ledger namely Electronic Credit and Re-claimed Statement is being introduced on the GST portal.
- This statement will help the taxpayers in tracking their ITC that has been reversed in Table 4B(2) and thereafter re-claimed in Table 4D(1) and 4A(5) for each return period, starting from August 2023 return period.
> This statement shall facilitate that while re-claiming ITC in GSTR-3B, the amount aligns appropriately with the corresponding reversed ITC.
> Taxpayers are being provided a facility to report their cumulative ITC reversal [ITC that has been reversed earlier and has not yet been reclaimed; hereinafter referred as ‘Reclaimable Amount’] as opening balance for “Electronic Credit Reversal and Re-claimed Statement”, if any.
> How to Report?
- How much to report?
- Reclaimable amount till the return period as indicated below:
| Tax payers | Reclaimable amount reported in the Return filed |
| For Monthly Filers | till July 2023 |
| For Quarterly Filers | till Q1 of FY 2023-24 |
> When to report? Can we amend it?
- Declare the opening balance of Reclaimable amount
- Until 30th November 2023.
- Amendments Opportunities
Three amendment opportunities to correct the opening balance in case of any mistakes or inaccuracies in reporting
| Time Line | Particulars |
| Until 30th November 2023 | Both reporting and amendment facilities are accessible |
| After 30th November till 31st December 2023 | only amendments will be permitted and the option for fresh reporting will not be available |
| after 31st December 2023 | This amendment facility shall be discontinued |
Source: Notification No. 14/2022 – Central Tax dated 05th July, 2022(read with circular 170/02/2022-GST, Dated 6th July,2022and advisory issued on GSTIN on 31.08.2023)
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Compiled by: Ms. Swathy Puthoor
For further information, please contact us on – +91 9833 88 44 64 / utkarsh.m@cauma.in / swathy.p@cauma.in
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excellent informative Article. Well written.