Stay updated
In order to facilitate the taxpayer in matching their invoices with the invoices issued by their supplier for availing the input tax credit a matching system called Invoice Management System (IMS) is being introduced in GST Portal. And it would be available to the taxpayer from 1st October onwards on the GST portal for taking action.
With the Introduction of IMS, the taxpayers interaction with invoices and business processes will change. This innovative feature empowers taxpayers to seamlessly accept, reject, or keep invoices pending in the system to avail later as and when required, streamlining the reconciliation process, and ensuring greater accuracy and efficiency in GST compliance.
GST Common Portal has unveiled a ground breaking new facility, the Invoice Management System (IMS), revolutionizing the way recipient taxpayers interact with invoices.
Businesses will have to quickly get prepared for the new invoice management system under the goods and services tax that will be introduced from October 1. The new functionality will help taxpayers efficiently address invoice corrections and amendments with their suppliers through the GST Network portal.
To enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the Invoice Management System (IMS) is being brought up at portal. This will also facilitate taxpayer in matching of their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC) and shall allow the recipient taxpayers to either accept or reject an invoice or to keep it pending in the system, which can be availed later