Advisory & FAQ on Electronic Credit Reversal and Re-claimed Statement & RCM Liability/ITC Statement

 

GST has introduced the Electronic Credit Reversal & Re-claimed Statement (Reclaim Ledger) to track ITC reversals and re-claims accurately.

RCM Liability/ITC Statement (RCM Ledger) monitors RCM liability and corresponding ITC claimed.

Claiming ITC in excess of available balance triggers a warning.

Soon, negative balances or excess ITC claims will not be allowed.

Filing of GSTR-3B will be blocked unless excess ITC is reversed or RCM liability is paid/reversed.

Both ledgers will be strictly validated at the time of GSTR-3B filing.