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 "GST")
This facility shall be available to the taxpayer from October 1 onwards on the GST portal. | Photo: Shutterstock
GST Network will launch the Invoice Management System (IMS) from October 1 which will facilitate taxpayers in matching their records/invoices vis-a-vis issued by their suppliers for availing the correct Input Tax Credit (ITC).
In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the IMS is being launched.
“This will also facilitate taxpayer in matching of their records/ invoices vis-a-vis issued by their suppliers for availing the correct ITC,” GSTN said.
IMS will allow the recipient taxpayers to either accept or reject an invoice or to keep it pending in the system, which can be availed later.
This facility shall be available to the taxpayer from October 1 onwards on the GST portal.
Moore Singhi Executive Director Rajat Mohan said by maintaining a detailed record of all actions taken on each invoice, the IMS creates a robust audit trail that is invaluable during GST audits. This feature provides tax authorities with clear evidence of the recipient’s due diligence in managing ITC claims, potentially simplifying the scrutiny process.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 03 2024 | 7:38 PM IS
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