What is Invoice Management System (IMS) in GST Portal 🖊️
Автор: Prime Accountants
Загружено: 2025-04-11
Просмотров: 1405
Описание:
Decoding new Invoice Management System aka IMS on GST Portal.
The Goods and Services Tax (GST) portal has introduced the Invoice Management System (IMS), a digital feature designed to streamline invoice management and improving the accuracy of Input Tax Credit (ITC) claims of recipient taxpayers.
Key Features and Functionality of ITC:
Upon logging into the GST portal, recipients can access the IMS dashboard to view a summary of all inward invoices uploaded by their suppliers.
Invoice Review and Actions:
Recipients can view the details of each invoice, including the supplier's GSTIN, trade name, invoice number, date, value, and tax details.
Recipient has the following options:
• Accept: Accepted invoices will be reflected in their GSTR-2B.
• Reject: Recipient can reject the invoice if the invoice is incorrect. Rejected invoices will not be considered for ITC.
• Pending: when the recipient needs more time to verify the invoice or wants to avail the ITC in a future tax period. Pending invoices are carried forward for action in subsequent months.
• No action - If a recipient fails to take any action before the generation of GSTR-2B, the invoice will be deemed as accepted and will be included in their GSTR-2B.
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