GST Due Date Extended for reporting opening balance for ITC reversal:

GST Due Date Extended for reporting opening balance for ITC reversal The Goods and Service Tax Portal, in order to facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, introduced a new ledger namely Electronic Credit and Re-claimed Statement on the GST portal. This statement was made available to 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). Due Date for Reporting ITC Opening Balance: Electronic Credit and Reclaimed Statement Reportable until November 30, 2023 Now to facilitate taxpayers further, opportunity to declare opening balance for ITC reversal in the statement has been extended till 31st January, 2024. Kindly note that after declaring the opening balance for ITC reversal, only three amendment opportunities post the declaration will be provided to correct declared opening balance in case of any mistakes or inaccuracies in reporting. Facility to amend declared opening balance for ITC reversal will be available till 29th February, 2024.