πππ―π’π¬π¨π«π² π¨π§ πππ©π¨π«ππ’π§π π¨π πππ πππ―ππ«π¬ππ₯ π¨π ππ©ππ§π’π§π πππ₯ππ§ππ
1. Taxpayers are permitted to use this facility to report their ITC reversal balance that has not been re-claimed.
2. The taxpayers is advised to report solely those reclaimable ITC reversal balances that meet the legal criteria for re-claim and have not been previously claimed by the taxpayers.
3. Taxpayers may report their opening balance until 30th November 2023. After that, the option to report the opening balance will be removed and it will be assumed that the taxpayers has no ITC reversal balance to report.
4. Taxpayers may amend their opening balance until 31st December 2023. Any reported balance after this date will be considered final and cannot be further amended.
5. After 31st December 2023, the updated value shall be frozen with no further attempts provided to the taxpayers to amend their ITC Reversal balance and this ITC reversal value will be sent to the jurisdictional tax officer for review.
6. Due diligence should be done while reporting/amending the ITC reversal opening balance, because only 3 times amendment is allowed.
7. The opening balance that has been reported or amended by the taxpayers shall be credited to the βElectronic credit reversal and re-claimed statementβ . This statement will be used to validate the taxpayerβs ITC reclaimed amount in table 4A(5) & 4D(1) of Form GSTR-3B.
