Invoice Management System IMS working on GST Portal

In a significant leap forward in the Goods and Services Tax (GST) ecosystem, the GST Common Portal has unveiled a groundbreaking new facility, the Invoice Management System (IMS), revolutionizing the way recipient taxpayers interact with invoices. This innovative feature empowers taxpayers to seamlessly accept, reject, or keep invoices pending in the system to avail later as and when required, streamlining the reconciliation process, and ensuring greater accuracy and efficiency in GST compliance.
The new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC). As a major enhancement in the indirect taxes landscape, this facility is set to transform the way businesses manage their GST obligations, reducing errors, and saving time and resources. With this cutting-edge functionality, the GST Common Portal continues to set new benchmarks in taxpayer convenience and experience.
This facility shall be available to the taxpayer from 14th October onwards on the GST portal. It may be noted that it is not mandatory to accept or reject invoices in IMS dashboard for GSTR 2B generation. If a taxpayer chooses not to take any action on the received invoices then its GSTR-2B would be generated on 14th of the month as being generated today. The invoices where no action would be taken by the recipient would be treated as accepted by the system and a draft GSTR-2B shall be generated including only accepted or ‘no action taken’ invoices. However, the recipient taxpayers are allowed to take action or change the action already taken on accepted invoices till the filing of Form GSTR-3B of the month.

Invoice Management System IMS working on GST Portal.

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Video Timeline
0:00 Intro to IMS
0:25 FinTaxPro Practical Courses
0:35 Brief of IMS
1:34 Tables in IMS
5:32 Inward supplies in IMS
9:20 Impact of IMS on GSTR 2B
10:58 Outward supplies in IMS
14:34 Outro