<h1>New GST Rules: Report ITC Reversals by Oct 31, 2024, Using the New Ledger for Accurate Tax Filing and Compliance.</h1> The government has introduced changes to the Goods and Services Tax (GST) reporting process, specifically in Form GSTR-3B, to manage Input Tax Credit (ITC) reversals and reclaims. A new ledger, the Electronic Credit Reversal and Re-claimed Statement, was launched to aid accurate reporting. Taxpayers have until October 31, 2024, to report cumulative ITC reversals as an opening balance, with amendments allowed until November 30, 2024. This measure ensures taxpayers cannot reclaim ITC beyond what was previously reversed. Monthly and quarterly taxpayers must report based on specific periods, and accurate reporting is emphasized to prevent discrepancies.