Welcome to the Invoice Management System (IMS) under GST

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Welcome to the Invoice Management System (IMS) under GST

Streamline Your Invoice Processing and ITC Management with GST New Added Feature

What is the Invoice Management System (IMS)?

Introduction to IMS
  • The Invoice Management System (IMS) is a new feature designed to help taxpayers efficiently handle invoice corrections and amendments through the GST portal. It will also aid in matching records and invoices issued by suppliers to ensure accurate Input Tax Credit (ITC) claims.
  • From October 1st, recipients will be able to accept, reject, or keep invoices pending directly from their IMS dashboard. This enhancement will ensure that only accepted invoices are considered for GSTR-2B, providing a more accurate ITC calculation.

Key Features of IMS

Key Features

 

  1. Invoice Actions:
    • Accept: Accepted invoices become part of the ‘ITC Available’ section in GSTR-2B and auto-populate in GSTR-3B.
    • Reject: Rejected invoices are part of the ‘ITC Rejected’ section in GSTR-2B and do not appear in GSTR-3B.
    • Pending: Pending invoices are carried forward and can be acted upon in future periods.
  2. Deemed Acceptance:
    • If no action is taken, invoices are deemed accepted at the time of GSTR-2B generation.
  3. Action Timeframe:
    • Actions on invoices can be taken from the moment they are saved in GSTR-1/IFF/1A until GSTR-3B is filed.
  4. Recompute Requirement:
    • GSTR-2B must be recomputed if actions are taken after the draft GSTR-2B is generated.

IMS Flow and Categories

How IMS Works
  • All outward supplies reported in GSTR-1/IFF/1A are visible in the IMS dashboard.
  • Actions are categorized as follows:
    1. Accepted: Included in GSTR-2B and GSTR-3B.
    2. Rejected: Not included in GSTR-2B or GSTR-3B.
    3. Pending: Remain in IMS for future action.
  • Specific scenarios where pending action is restricted include credit notes and certain amendments.

QRMP Taxpayers

Special Instructions for QRMP Taxpayers

Records saved or filed through IFF by QRMP taxpayers will flow into IMS. GSTR-2B for QRMP taxpayers will be generated quarterly, not monthly.

Key Points and Compliance

Important Points to Note

 

  • Deemed Acceptance: Records with no action are deemed accepted in GSTR-2B.
  • Recomputation: Mandatory if actions are taken after the draft GSTR-2B is generated.
  • Exclusions: Certain supplies will not flow into IMS.
  • Sequential GSTR-2B: GSTR-2B generation is sequential based on GSTR-3B filings.
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