GST Network new ledger for ITC reversal and reclamation: How it works? Steps that taxpayers need to take
GSTN introduces a new ledger to track reversal and reclamation of Input Tax Credit (ITC) for better compliance. Taxpayers must report accumulated ITC reversed balance by 30 Nov 2023
In a bid to simplify compliance and provide better visibility to the regulator, the Goods and Services Tax Network (GSTN) has introduced an all-new ledger to track the reversal and reclamation of the Input Tax Credit (ITC). Known as Electronic Credit and Re-claimed Statement (ECRS), it will provide taxpayers with the balance of all input tax credit that has been reversed and reclaimed on a particular date.