how to Report ITC Rversal & Reclaimed #gst #itr #itc #yt #ytshort #viral #trending #incometax #gstin

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How to Report ITC Reversal l New Report ITC reversal Opening Balance in GST l ITC Reversal & Re-Claim Statement l New GST Portal Ledger l Report ITC Reversal Opening balance I Big Change on GST Portal I New Tab l how to Report ITC Rversal & Reclaimed #gst #itr #itc #yt #ytshort #viral #trending #incometax #gstin

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In the month of September 2023 new Ledger is introduced in GST "Electronic Credit Reversal and Reclaimed Statement" for which Taxpayers have to report opening balance and there is lots of confusion that which amount to be report as opening balance and who is to report this?

In this informative video, we'll guide you through the process of reporting your ITC (Input Tax Credit) reversal opening balance in the new GST ledger. It's essential for every taxpayer to grasp this concept for accurate and hassle-free tax management.

Learn how the re-claimable 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 Re-claimed Statement. This statement helps taxpayers track ITC that has been reversed in Table 4B(2) and subsequently re-claimed 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 tax-related updates!

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DISCLAIMER ***
This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.
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