Reversal and reclaim staement

[mk Jain]

In newly reversal and reclaim statement which date opening value we need to put today or 1st Aug'23.

MKJAIN

[KASTURI SETHI]

The query is too brief to reply. Pl. elaborate.

[mk Jain]

I just want to know that if we are filing opening balance on today in reversal and reclaim statement then which date opening need to file July'2023 closing or Sept'2023 closing.

MKJAIN

[Shilpi Jain]

Date of filing statement is irrelevant.

If you are a monthly filer consider the reversals done up to Jul '23 and report them.

Also consider that, in case there were any credits not reversed explicitly but which you may be eligible to claim in future, include that also as part of this opening balance statement.

AI Summary

Reversal and reclaim statement: opening balance should reflect reversals up to the applicable prior period and include eligible unreversed credits. The opening balance in the reversal and reclaim statement is determined by reversals up to the applicable reporting cut off, not by the filing date; monthly filers should report reversals effected through the cut off period and must include any eligible input tax credits not explicitly reversed but available to be reclaimed in future periods.