The Goods and Services Tax Network ( GSTN ) has announced the launch of the Invoice Management System ( IMS ), effective yesterday, October 14, 2024 and released an advisory regarding an important matter that taxpayers need to be aware of. This new system aims to streamline the process for taxpayers in India, allowing them to effectively match their records and invoices against those issued by their suppliers. With the introduction of IMS, taxpayers will have the ability to access their invoice details directly from the system, facilitating easier management of their GST compliance. By utilising this platform, taxpayers can take necessary actions regarding the invoices that appear on their IMS dashboard, starting from yesterday. The government emphasised the importance of this system in helping taxpayers reconcile their invoices and maintain compliance with GST regulations. The GSTN has outlined that the first GSTR-2B form will be generated for the return period of October 2024 on November 14, 2024.
This generation will consider any actions taken on the invoices listed in the IMS, thereby providing a more accurate reflection of a taxpayer’s compliance status. Are You Ready for Invoice Management 2.0? Join our live webinar now The advisory stated, “Invoice Management System (IMS) is made available to taxpayers from Today, 14th Oct, 2024. The 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 make use of this system to take action on the invoices reflecting on IMS from 14th Oct, 2024. The first GSTR-2B would be generated for the return period Oct’ 24 on 14th November, 2024 considering action taken on the Invoice Management System. It may be noted that it is not mandatory to take action on invoices in the IMS dashboard for GSTR-2B generation. However, it is crucial to note that taking action on the invoices in the IMS dashboard is not mandatory for the generation of the GSTR-2B.. GST Invoice Management System ( IMS ) provides taxpayers with a systematic approach to managing their invoices, thereby ensuring they can claim their ITC correctly and promptly.
Key Features of IMS 1. Real-Time Invoice Management: Taxpayers can view and take action on invoices uploaded by suppliers in real-time. The system allows businesses to manage their invoices more efficiently, ensuring that no eligible ITC is missed or incorrectly claimed. Are You Ready for Invoice Management 2.0? Join our live webinar now 2. Inward and Outward Supplies: The IMS dashboard provides two sections: one for managing inward supplies (invoices from suppliers) and another for outward supplies (invoices issued to customers). While the outward supplies section will be available shortly, inward supplies can be managed immediately. Read More:Invoice Management System ( IMS ) facility Goes Live on GST Portal: Here’s All You Need to Know Taxpayers are encouraged to familiarise themselves with the IMS and make use of its features to optimise their tax management processes.
