In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the IMS is being launched.
In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the IMS is being launched.
The GST Network will introduce the Invoice Management System (IMS), which will assist taxpayers in matching their records and invoices with those issued by their suppliers to ensure they claim the correct Input Tax Credit (ITC), on October 1.
"To enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process is being brought at portal. This will also facilitate taxpayer in matching of their records/invoices vis a vis issued by their suppliers for availing the conett Inpul lax Crocit (IC), GSTN is in the process of developing a new functionality called Invoice Management System (INS) which will allow the recipient taxpayers to either accept or rejecl an unvoice of to keep it pending in the system, which can be availed later," GSTN said in a circular.
In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the IMS is being launched.
"This will also facilitate taxpayer in matching of their records/ invoices vis-a-vis issued by their suppliers for availing the correct ITC," GSTN said.
IMS will allow the recipient taxpayers to either accept or reject an invoice or to keep it pending in the system, which can be availed later.
This facility shall be available to the taxpayer from October 1 onwards on the GST portal.
"This facility shall be available to the taxpayer from 1st October onwards on the GSt *Now, only the accepted invoices by the recipients would become part of their GSTR-2B as their eligible ITC. Therefore IMS will provide the taxpayers an opportunity to review the genuineness and authenticity of the received invoices. Once the suppliers save any invoice in GSTR 1 / IFF / 1A /the same invoice would be reflected in the IMS dashboard of the recipient," GSTN added.
Moore Singhi Executive Director Rajat Mohan said by maintaining a detailed record of all actions taken on each invoice, the IMS creates a robust audit trail that is invaluable during GST audits. This feature provides tax authorities with clear evidence of the recipient's due diligence in managing ITC claims, potentially simplifying the scrutiny process.