Goods and Service Tax Network has Issued FAQ on Invoice Management System
With the Introduction of Invoice Management System (IMS), the taxpayers interaction with invoices and business processes will change. 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 Invoice Management System (IMS) introduced by GSTN will enhance taxpayer interactions with invoices, allowing them to accept, reject, or hold invoices for later use. This streamlines the reconciliation process and improves accuracy in GST compliance. For a comprehensive understanding of the new functionalities and frequently asked questions about IMS, you can refer to the official FAQs Here to get a better understanding of the new functionality.
Impact on ITC & on liability of supplier under different scenarios IMS W.E.F 01.10.2024