What type of transactions are tracked under ITC Reversal / Reclaim account?
While filing GSTR 3B, the ITC (Input Tax Credit) values can be adjusted in Zoho Books. If the ITC value is adjusted, these values will be tracked under the ITC Reversal/Reclaim account.
Note:
- These values cannot be adjusted after they are tracked in the ITC Reversal/Reclaim account. If you need to remove these values, you must unfile the return and make changes to the ITC amount adjusted. Once the necessary changes are made, ensure to mark the return as filed again.
- The changes you make in Zoho Books will not reflect in the GST portal.