Electronic Credit Reversal and Re-claimed Statement (Ledger)
Goods and Services Tax Network (GSTN) has introduced an all-new ledger to track the reversal and reclamation of the ITC known as Electronic Credit and Re-claimed Statement (ECRS), it will provide taxpayers with the balance of all input tax credit that has been reversed and reclaimed on a particular date.
A separate ledger in the books of accounts is to be created for temporary ITC reversals without mixing them up with permanent ITC reversals or ineligible ITC.
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