GSTN issues FAQs on GST Invoice Management System (GST IMS)
This is expected to significantly alter the way taxpayers interact with invoices.
The Goods and Services Tax Network (GSTN) has released a set of Frequently Asked Questions (FAQs) regarding the newly introduced GST Invoice Management System (GST IMS). The GST IMS introduces new functionalities that allow taxpayers to seamlessly accept, reject, or keep invoices pending for future processing, offering flexibility in managing invoices as per business needs. Get a Copy...
The Goods and Services Tax Network (GSTN) has released a set of Frequently Asked Questions (FAQs) regarding the newly introduced GST Invoice Management System (GST IMS).
The GST IMS introduces new functionalities that allow taxpayers to seamlessly accept, reject, or keep invoices pending for future processing, offering flexibility in managing invoices as per business needs.
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The system is designed to simplify the reconciliation process, ensuring better accuracy in input tax credit claims and reducing discrepancies between suppliers and buyers.
Taxpayers can accept, reject, or keep invoices pending for later action. By default, all records will flow into the “No Action” category, and invoices not acted upon will be deemed accepted at the time of GSTR-2B generation.
IMS will display all saved or filed original invoices and their amendments. However, records where ITC is ineligible due to Place of Supply rules or Section 16(4) of the CGST Act will bypass IMS and go directly into the ‘ITC Not Available’ section of GSTR-2B.
Accepted or rejected records for a specific GSTR-2B period will be removed from IMS after GSTR-3B filing. Pending records will remain until acted upon or until the deadline as per Section 16(4) of the CGST Act.
IMS provides an intuitive dashboard where taxpayers can manage both inward and outward supplies. Suppliers will be able to view actions taken on their invoices, ensuring transparency.
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The FAQs issued by GSTN aim to clarify key aspects of the new system, offering taxpayers a better understanding of how to navigate this updated feature.
The document addresses common queries regarding the workflow, user interface, and benefits of the GST IMS, while also explaining how taxpayers can integrate this system into their daily operations.
To Read the full text of the Order CLICK HERE
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