31/08/2023, Reclaimed statement and Electronic Credit Reversal are now available.

The government made some changes to Table 4 of Form GSTR-3B in Notification No. 14/2022 – Central Tax, dated July 5, 2022 (read with Circular 170/02/2022-GST, dated July 6, 2022), to make it easier for taxpayers to report accurate information regarding ITC claimed, ITC reversed, ITC reclaimed, and ineligible ITC. Upon fulfillment of the applicable requirements, the re-claimable ITC that was previously reversed in Table 4(B)2 may be claimed in Table 4(A)5. It is also necessary to expressly disclose this recaptured ITC in Table 4D(1).

A new ledger called Electronic Credit and Re-claimed Statement is being launched on the GST portal in order to assist taxpayers in correctly and accurately reporting ITC reversal and reclaim thereof and to prevent clerical errors. Starting with the August return period, this statement will assist taxpayers in keeping track of their ITC that was reversed in Table 4B(2) and later reclaimed in Table 4D(1) and 4A(5).Please click here for a thorough advisory.

Thank You,
Team 2S Services