Any notification or circular for implementation of invoice management system

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notification or circular for implementation of invoice management system
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On 25 January 2025 at 07:30 Report
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Master in Accounts & high court Advocate
9060 Points Joined December 2011

The Invoice Management System (IMS) was implemented on the GST portal from October 2024, allowing recipients to review and manage invoices provided by suppliers.¹

 The GSTN advisory states that IMS is an optional facility that enables recipients to accept, reject, or keep invoices pending, which directly impacts their GSTR-2B.²

 *Key Features of IMS:* - _Communication functionality_: Connects suppliers and recipients through invoice documentation and a single dashboard interface. -

_Single-window to process auto-generated GSTR-2B_: Recipient taxpayers can manage all invoices submitted by suppliers and auto-generate GSTR-2B with minimal interventions. -

 _Zero compliance burden_: IMS will not increase compliance burden, as the system will automatically consider invoices 'deemed accepted' if a taxpayer fails to take action.

The GST Council has recommended amendments to the CGST Act and Rules to provide a legal framework for IMS, including the generation of FORM GSTR-2B based on actions taken by taxpayers on IMS.

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On 25 January 2025 at 22:19


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