Introduction to Invoice Management System (IMS) Under GST: Features, Benefits, and Operational Insights

• The Invoice Management System (IMS) will be introduced by GSTN on October 1, 2024
• IMS will help taxpayers manage and validate invoices for easier ITC claim process
• Recipients can accept, reject, or hold invoices for further action using IMS
• IMS will be available on the GST portal from October 1, 2024
• Recipients can take actions on invoices such as accept, reject, or pending
• Default action is “Deemed Accepted” if no action is taken by the recipient
• Amendments to invoices must be acted upon by the recipient
• PENDING invoices can be reviewed and acted upon in future months
• IMS features enhanced communication and a unified dashboard for better invoice handling
• IMS does not add any additional compliance burden for taxpayers.

Source: mastersindia.co

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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