34 Key FAQs on Invoice Management System (IMS) Released by GSTN

By: Admin | September 23, 2024
Categories: GST Portal Updates | Important News
Reading Time: 4 Minutes

The Goods and Services Tax Network (GSTN) issued an important update on September 22, 2024 (Update No. 522), releasing 34 Frequently Asked Questions (FAQs) concerning the Invoice Management System (IMS). This comprehensive guide aims to clarify various functionalities and procedures of the IMS, which is set to launch on October 1, 2024. Below is a quick rundown of the key highlights and questions answered in this update:

Key FAQs on IMS:

  1. What is Invoice Management System (IMS)?
    IMS is a GST feature enabling recipients to accept, reject, or keep invoices pending to correctly avail Input Tax Credit (ITC).
  2. How can I access IMS?
    You can access it via: Dashboard > Services > Returns > Invoice Management System (IMS).
  3. When will IMS be available?
    IMS goes live on October 1, 2024, and will be fully accessible for taxpayers from October 14, 2024.
  4. What records will be available on IMS?
    All saved/ filed invoices in GSTR-1/1A/IFF will be available for action, except those ineligible due to POS rules or Section 16(4) of the CGST Act.
  5. What happens to accepted/rejected records?
    Accepted and rejected records will be removed from IMS upon filing GSTR-3B, while pending records will remain available for future action.
  6. Can I take actions multiple times on a document?
    Yes, multiple actions can be taken before filing GSTR-3B, with the latest action overwriting previous actions.
  7. Who has access to IMS?
    IMS access is available to all normal and casual taxpayers, including SEZ units and developers.
  8. What happens if I reject an invoice?
    If an invoice is rejected after GSTR-1 filing, the supplier must amend the record, which will then be available for fresh action in IMS.
  9. What documents are excluded from IMS but part of GSTR-2B?
    Documents such as ICEGATE records, RCM invoices, and certain GSTR forms will flow directly to GSTR-2B.

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