GSTN Issues Additional FAQs on IMS for a Better Understanding of New Functionality

By: Admin
October 17, 2024
Categories: GST Portal Updates | Important News
4 Min Read

The GST Network (GSTN) has released Advisory No. 536 on October 17, 2024, providing additional FAQs to help taxpayers understand the new Invoice Management System (IMS). This system allows taxpayers to match their invoices with those issued by suppliers for accurate Input Tax Credit (ITC) claims. Taxpayers can accept, reject, or defer invoices in the system, with the first GSTR-2B based on IMS actions being generated for the return period of October 2024 on November 14, 2024.

Key FAQs include:

  1. Invoices Visible in IMS: Only records for GSTR-2B from the October 2024 return period onwards are available.
  2. First GSTR-2B Using IMS: Generated on November 14, 2024, for the October 2024 return period.
  3. Actions Post-November 14, 2024: Taxpayers can take action on invoices after this date until GSTR-3B filing.
  4. Mandatory Action: It’s not mandatory to act on IMS records; if no action is taken, the system treats them as accepted.
  5. Invoice/Debit Note Rejection: Should be done cautiously, as rejection results in no ITC claim.
  6. Handling Erroneous Rejection: Invoices can be re-accepted and credit recalculated before GSTR-3B filing.

These FAQs aim to ease the transition to IMS and help taxpayers maximize their ITC benefits effectively.

GST #IMS #GSTPortal #ITC #GSTR2B #TaxpayersFAQs #GSTUpdates

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