Detail Analysis of Invoice Management System IMS | New GST Return structure

To enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the Invoice Management System (IMS) is being brought up at portal. This will also facilitate taxpayer in matching of their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC) and shall allow the recipient taxpayers to either accept or reject an invoice or to keep it pending in the system, which can be availed later

This facility shall be available to the taxpayer from 1st October onwards on the GST portal

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Video Timeline
0:00 Intro to IMS in GST
0:47 GST structure in 2017
2:19 Invoice matching concept in GST
2:38 New GST Return structure from Oct 2024
3:21 GSTR 2B will be draft from oct onward
5:05 Detail Analysis of Invoice Management System IMS
7:45 Rejecting invoice in IMS effect in hand of recipient
9:12 Rejecting invoice in IMS effect in hand of supplier
9:56 Cases if invoice rejected by recipient will be added in 3B of supplier
23:53 Pending invoice in IMS
24:33 Accept invoice in IMS
25:06 Recomputed and Final GSTR 2B
28:14 IMS is mandatory or optional?
29:10 GSTR 2B will generate only if GSTR 3B of previous period filed
31:23 Outro