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 as "Pending" for one tax period. Further, the IMS functionality have also been enhanced providing a flexibility to the taxpayers to modify their ITC reversal on acceptance of such credit notes thereby resolving many business disputes. In this regard, please go through some FAQs for a better understanding on the new facility as attached below.
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