GST DAILY – 157

Enhancements in Form GSTR-3B

✔️ The GSTR-3B format on the portal has been updated to help taxpayers accurately report information on ITC availed, ITC reversal, and ineligible ITC in Table 4

✔️Anew ledger called Electronic Credit and Re-claimed statement was introduced to aid taxpayers in accurately reporting ITC reversal and reclaim. It helps track ITC reversed in Table 4B(2) and subsequently reclaimed in Table 4D(1) and 4A(5) for each return period, minimizing clerical errors

✔️ Mechanism prescribed for reversal and re-availment of ITC in case of non- payment of Tax by the supplier ✔️It facilitates the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes

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