GST Network to Launch Invoice Management System (IMS) on October 1
Starting October 1, the GST Network (GSTN) will introduce a new Invoice Management System (IMS) designed to help taxpayers accurately match their records with the invoices issued by their suppliers. This initiative aims to ensure the correct availing of Input Tax Credit (ITC).
In its advisory to GST payers, the GSTN highlighted that the IMS will facilitate efficient communication between taxpayers and their suppliers, allowing them to address any necessary invoice corrections or amendments directly through the portal.
"The IMS will empower taxpayers to compare their records with the invoices issued by their suppliers, ensuring they claim the correct ITC," the GSTN stated.
The IMS will offer recipient taxpayers the ability to accept, reject, or keep an invoice pending within the system, providing flexibility to manage invoices as needed.
This new facility will be available to taxpayers starting October 1 on the GST portal.
Rajat Mohan, Executive Director at Moore Singhi, noted that the IMS will also maintain a detailed record of all actions taken on each invoice, creating a valuable audit trail. This feature will be particularly beneficial during GST audits, providing tax authorities with clear evidence of the recipient`s due diligence in managing ITC claims, and potentially simplifying the scrutiny process.
