How to calculate opening balance • ITC Reversal & ReClaim Statement | N...
In this video, we dive into the significant changes via latest advisory by GSTIN related to ITC Reversal & ReClaim Statement introduced by Notification No. 14/2022 – Central Tax dated 05th July, 2022, along with Circular 170/02/2022GST, Dated 6th July, 2022. The government has revamped Table 4 of Form GSTR3B, impacting how taxpayers report Input Tax Credit (ITC) availed, ITC reversal, ITC reclaimed, and ineligible ITC.
Learn how the reclaimable ITC, previously reversed in Table 4(B)2, can now be claimed in Table 4(A)5 under specific conditions. Discover the importance of explicitly reporting reclaimed ITC in Table 4D(1).
To simplify and minimize errors in ITC reporting, the GST portal has introduced a new ledger called the Electronic Credit and Reclaimed Statement. This statement helps taxpayers track ITC that has been reversed in Table 4B(2) and subsequently reclaimed in Table 4D(1) and 4A(5) for each return period, starting from the August return period.
Stay updated on these crucial GST changes and ensure accurate reporting by watching this informative video. Don't forget to like, share, and subscribe for more taxrelated updates!
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