- GSTN introduced Invoice Management System (IMS) to help taxpayers claim input tax credit and reduce disputes
- IMS allows validation of invoices in real time and seamless integration with GST returns
- Taxpayers need to file GST annual returns in Form GSTR-9 or Form GSTR-9A by December 31, 2024
- Taxpayers exempt from filing annual returns include casual taxable person, input service distributor, non-resident taxable person, specific class of taxpayer paying tax under Section 51 and 52, and registered taxpayer with annual turnover up to Rs 2 crore
- Late fee and penalty will be levied if annual return is not submitted
Source: a2ztaxcorp.com
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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