GST Advisory for Handling Invoices on IMS for FY 2023-24
GST Dept. Recommendation: Avoid rejecting any invoices from FY 2023-24 on the Invoice Management System in October 2024, as this is the last month for ensuring credit eligibility for invoices auto-populated in GSTR-2B and GSTR-3B. Doing so satisfies the time limit condition u/s 16(4) of the CGST Act to avail Input Tax Credit for FY 2023-24 by November 30, 2024.
Reason for Caution:
- Once an invoice is rejected on IMS, you lose the option to accept it later.
- To avoid missing out on eligible ITC, it is advisable to either take the “Accept” action or choose “No Action” on these invoices.
- If any credit is mistakenly accepted or is not related to your business, reverse it in Table 4B(1) of GSTR-3B instead of rejecting the invoice outright.
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