Answer

1. F

   Facts

   GSTN maintains an Electronic Credit Reversal and Re-claimed Statement that tracks ITC you reversed in Table 4(B)(2) and later reclaimed in Table 4(D)(1). Reclaims above the reversed balance are flagged by the portal.

2. P

   Provisions and law

   • Sec 16(2), CGST Act 2017ITC needs a tax invoice, receipt of goods or services, tax paid by the supplier and a filed return
   • Rule 37, CGST Rules 2017ITC to be reversed with interest if the supplier is not paid within 180 days
3. A

   Analysis

   When you reverse credit under Rule 37 or 37A and later reclaim it, the statement shows the running balance. Check it before each reclaim. If your opening balance was never reported, the portal gave a window to declare it; check whether that was done.

4. C

   Conclusion

   1. 1Open the statement from the Returns section
   2. 2Check the opening and running balance
   3. 3Reclaim only up to the available balance
   4. 4Keep a matching internal register

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.