ITC Reversal & Re-Claim Statement | Understand the New GST Ledger and its impact on GST Filing

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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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