Quick Summary
Invoice Management System (IMS) is now available to taxpayers. This new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC). Taxpayers can now make use of this facility to seamlessly accept, reject, or keep invoices pending in the system to avail later as and when required. The first GSTR-2B on the basis of actions taken in IMS would be generated for the return period Oct’24 on 14th November, 2024. Please click here for some additional frequently asked questions (FAQs) on IMS to get a better understanding of the new functionality.
FAQ :
The Invoice Management System (IMS) is a new facility for taxpayers to match their records and invoices with those issued by their suppliers, ensuring correct availing of Input Tax Credit (ITC).
Taxpayers can accept, reject, or keep invoices pending within the IMS to avail them later as needed.
The first GSTR-2B, based on actions taken in the IMS, will be generated for the return period of October 2024.
The GSTR-2B for October 2024 will be available on November 14, 2024.
Additional FAQs on the IMS have been released by GSTN, which you can access for a better understanding of the new functionality.
CAclubindia
