- A new Invoice Management System (IMS) will be launched on the GST portal in India from 1 October 2024
- IMS will allow taxpayers to accept, reject, or mark invoices as pending
- Functionality available for regular taxpayers and those using the QRMP scheme
- Taxpayers not obligated to accept/reject invoices, but if no action is taken, invoice will be deemed accepted
- Invoices marked as pending will not be considered for GSTR-2B generation for the month
- Accepted invoices become part of buyer’s GSTR-2B for Input Tax Credit
- Supplier’s liability will increase in GSTR 3B for invoices rejected in IMS
- IMS aims to ensure only genuine and verified invoices contribute to ITC claims, promoting transparency and efficiency in invoice management
Source: sovos.com
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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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