Quick Summary
The Goods and Services Tax Network (GSTN) has introduced a new facility in the Invoice Management System (IMS) on the GST portal. This update allows taxpayers to mark credit notes as "Pending" for one tax period, offering greater flexibility in managing credit note acceptance and reconciliation. Official copy of the Advisory is as follows A new facility in the Invoice Management System (IMS) has been recently introduced on the GST portal wherein the taxpayers are allowed to keep credit notes
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FAQ :
A new facility has been introduced in the Invoice Management System (IMS) allowing taxpayers to mark credit notes as 'Pending' for one tax period.
It means taxpayers can hold the acceptance or reconciliation of a credit note for one tax period, providing greater flexibility.
The IMS functionality has been enhanced to allow taxpayers to modify their ITC reversal upon accepting credit notes.
These enhancements aim to provide greater flexibility in managing credit notes and ITC reversals, helping to resolve many business disputes.
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