Important Update on GST: Extended Deadline for Reporting Opening Balance for ITC Reversal
Greetings to all the taxpayers and finance professionals out there! We have an essential update from the Goods and Services Tax Network (GSTN) that needs your immediate attention. Understanding the complexities involved in the Input Tax Credit (ITC) reversal process, the GSTN has implemented a new ledger system to ensure accuracy and ease of reporting. Here's what you need to know: New Ledger for Electronic Credit and Re-claimed Statement The GSTN has introduced a new ledger called the Electronic Credit and Re-claimed Statement. This has been done to facilitate correct and accurate reporting of ITC reversal. For those who are delving into the depths of the GST portal for the first time or are seasoned experts, this statement simplifies tracking your ITC that has been reversed in Table 4B(2) and thereafter re-claimed in Table 4D(1) and 4A(5). Extended Deadline for Declaration Understanding that time is of the essence, the GSTN has extended the deadline to declare the opening bala...