Note on Electronic Credit Reversal and Re-Claim Statement:

Context:

Credits Appearing in 2B are to be reported in Table 4A5 of GSTR 3B, while in Table 4(B)2 values to be reported where Taxpayer wants to claim the credit in future. This has started from July 22.

Objective of ECRS:

Filing of returns with error is do happen at times. GSTN has provided a one-time statement to help the taxpayers in the tracking of their that has been reversed in Table 4B(2) and thereafter re-claimed in Table 4D(1) and 4A(5) for each return period, starting from August 2023. This ledger is akin to ECL & ECrL.

Important Notes: 1. Declare the opening balance for ITC to bere avail by 30th Nov 2023. No reporting canbe done thereafter.

2. Any error discovered can be amended 3times from 30th Nov to 31st Dec 2023.

3. Opening Balance as on 1st Aug 23 forMonthly Filers and 1st Jul for Qtrly Filers.

4. Warning message if ITC reported in 4D1>Bal. ECRS

5. Maintain Record of ITC reclaim reportedwith reasons. Document Trail

6. Track this balance in Books of A/cs

7. ITC Only in Books follow up Vendor- lastdate to avail by 30th November.