ITC Reversal & Re-Claim Statement | New GST Portal Ledger | ft @skillvivekawasthi

In this video, we dive into the significant changes via latest advisory by GSTIN related to ITC Reversal & Re-Claim Statement introduced by Notification No. 14/2022 – Central Tax dated 05th July, 2022, along with Circular 170/02/2022-GST, Dated 6th July, 2022. The government has revamped Table 4 of Form GSTR-3B, impacting how taxpayers report Input Tax Credit (ITC) availed, ITC reversal, ITC re-claimed, and ineligible ITC.

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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[faizanshaikh]

Thanks Sir,
You made easy to understand these type of complex amendmend in GST.

[raghavm]

Sir thank you sooo much. I was so confused about this notification. None of my friends explained this nice. You gave the correct and best explanation Hats off to you. Thank you so much sir

[sanjivparashar]

Question remain what to do if reclaimed has not been shown separately and have been adjusted in all other ITC in past ?

[ramkrishnadas]

Department ko notice nikalne ka naya bahana mil gaya ab iski working unko convince karani padegi .... Gst ko anadi logo ne jaldbaji mein banake janjal bana Diya 😢

[ramankashyap]

Sir e-invoice can be required even on tax free items?

[Bsameervlogs]

Sir 2017-18 me itc claim nahi kar paya to kya usko claim kar sakte hai kya isme

[cosytours]

Sir we can't claim itc but some amount stood in e credit ledger. When I tried to reverse it came to ITC recredit statement, the new ledger. Now how can I remove the same from that ledger since I no longer need that ITc. Please reply

[shortstar]

Sir iska accounting treatment kaise hoga aur ham apni books kaise show kare?

[rahuldas]

Sir I have taken Net off ITC in All other ITC 4(5) till July'23 GSTR-3B not shown any unclaimed ITC in ITC Reversed column but I have many pending ITC to reclaim, now what to do please suggest.

[venkateshk]

Sir excess itc revesed 4b2.but now showing reclaim ledger value.what to do now

[jinatansari]

Can we reclaim on a monthly basis ...?

[mihir_shrivastava]

Sir please Reply Maine galti Se re claim Re reverse me Amount add kar Diya h ab usse kaise hataye wapas please btaiye

[purnendupradhan]

How to rectify the blocked itc claimed in reversable itc in gstr 3B

[niyatishah]

Sir lekin pahele last date ITC previous ki 20th sep thi eo abhi 30th November hui hai
To previous years ka hum kese le sakte hai.last date already gone

[jatinverma]

Sir purchase return ka amount bhi electronic reverse reclaim mai show ho raha hai uska kya karna hai

[lambodarpradhan]

Mera Electronic Credit ledger pe cgst and Sgst balance hai. but mere pass koi stock nehi hai, mai gst no surrender karna hai toh ye electronic credit ledger balance ko kya karu?
Pls. help me.

[raunakmoondra]

How to itc reclaimed which was reversed under table 4(b)(1) in earlier previous year

[puranverma]

if goods in transit and input gst reversed in the month and reclaim in the next month, how fill the ITC Reversal & reclaim statement

[caranjitmishra]

Future me claim nahi karna hai?

Then wnha kese hata