GSTN Advisory on IMS: Action on Invoices Not Mandatory for GSTR-2B Generation

By: Admin
October 14, 2024
Categories: GST Portal Updates | Important News
4 Min Read

The Goods and Services Tax Network (GSTN) has issued Advisory No. 532 on October 14, 2024, announcing the launch of the Invoice Management System (IMS). This system is designed to assist taxpayers in matching their invoices with those issued by suppliers, thereby ensuring accurate Input Tax Credit (ITC) claims.

The IMS facility, which is available starting October 14, 2024, provides taxpayers the option to take action on their invoices, but it is not mandatory for the generation of GSTR-2B. The first GSTR-2B using the IMS will be generated on November 14, 2024, for October’s returns. While using IMS can improve accuracy in ITC claims, taxpayers are not required to take action on invoices for the GSTR-2B generation process.

This advisory highlights that while the system offers benefits, it remains an optional compliance tool.

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