Quick Summary
GSTN released an advisory on September 3, 2024, implementing a new feature call Invoice Management System (IMS) under the portal to assist the taxpayers to correct and amend the invoices with suppliers conveniently. This new communication process will help the taxpayers to reconcile their invoices received with the invoices that have been issued to the suppliers, thus ensuring that the right amount of Input Tax Credit (ITC) is claimed. The IMS enables the recipient taxpayers to either accept, re
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FAQ :
The Invoice Management System (IMS) is a new feature on the GST portal that helps taxpayers correct and amend invoices with their suppliers, and reconcile received invoices with those issued.
IMS enables recipient taxpayers to accept, reject, or defer invoices, which helps in avoiding errors when claiming ITC and aids in reconciliation.
The 54th GST Council also recommended the introduction of a Reverse Charge Mechanism (RCM) ledger and an Input Tax Credit Reclaim ledger.
Taxpayers will be given the opportunity to declare their opening balance for these ledgers by 31st October 2024.
No, the IMS is an optional facility for taxpayers to help reduce errors in claiming input tax credit and improve reconciliation.
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