How to file or report electronic credit reversal and reclaimed statement
P MURUGAN (ACCOUNTANT) (198 Points)
22 October 2024P MURUGAN (ACCOUNTANT) (198 Points)
22 October 2024
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(6469 Points)
Replied 22 October 2024
: 1. Go to the GSTR 3B dashboard and click on "Ledger Balance" > "Electronic Credit Reversal".
2. Select the relevant period and click on "View" to see the details.
3. Take a screenshot of the ledger balance showing the electronic credit reversal.
4. In the GSTR 3B form, report the reversed ITC in Table 4(A) - "Reversal of input tax credit".
5. Mention the details of the reversed ITC, including the amount and the reason for reversal..
1. The reported reversal will reduce the assessee's input tax credit (ITC) balance.
2. The assessee will not be able to utilize the reversed ITC for payment of taxes or claim refund.