Tag: Invoice Management System GSTN

GST in Media

New GSTN feature to correct mistakes in GST invoice matching process for claiming input tax credit; Know how it works

byAdmin

GSTN has introduced the IMS on the GST portal, effective October 1, 2024. This new feature is designed to assist GST-registered taxpayers in claiming ITC with fewer disputes. With IMS, invoice data entered by sellers in a designated form on the GST portal will automatically appear in the buyer’s IMS. Using this information, buyers can choose to accept, reject, or leave the invoice pending. Once a buyer accepts an invoice, it will then be included in their GSTR-2B as an eligible input tax credit.

GST Portal

GSTN Advisory on IMS on Supplier View

byAdmin

To further facilitate the taxpayers, the Supplier View of IMS has also been made available where the action taken by their recipients on the records/invoices reported in GSTR-1/1A/IFF, will be visible to the suppliers in ‘Supplier View’ functionality. This will help a supplier taxpayer to see the action taken on their reported outwards supplies and will help to avoid any wrong action taken by the recipient taxpayer.

GST Portal

GSTN – Additional FAQs on IMS

byAdmin

The first GSTR-2B on the basis of actions taken in IMS would be generated for the return period Oct’24 on 14th November, 2024. Please see below attachment for some additional frequently asked questions (FAQs) on IMS to get a better understanding of the new functionality.