Relevant Act: Goods & Services Tax Act, 2017
Relevant Rule: Central Goods and Services Tax Rules, 2017
News Date: Sep 17th, 2024
Notifications involved: Notification No. 14/2022 – Central Tax dated 05th July, 2022 (read with circular 170/02/2022-GST, Dated 6th July,2022)
Extension of due dates for reporting opening balance:
(i) The functionality to reporting the opening balance will be available from 15th September 2024 to 31st October 2024.
(ii) The amendments in the declared opening balance will be available till 30th November, 2024.
(iii) Taxpayers having monthly filing frequency are required to report their opening balance considering the ITC reversal done till the return period of July 2023 only. As after this period the balance is already available in the ledger.
(iv) Quarterly taxpayers shall report their opening balance up to Q1 of the financial year 2023-24, considering the ITC reversal made till the April-June 2023 return period only. As after this period the balance is already available in the ledger.
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