Draft Manual on Invoice Management System

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By Taxmann
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Last Updated on 19 September, 2024

GSTN Update dated September 17th, 2024

The GSTN has unveiled a ground breaking new facility, the Invoice Management System (IMS), revolutionizing the way recipient taxpayers interact with invoices. The new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC).

This innovative feature empowers taxpayers to seamlessly accept, reject, or keep invoices pending in the system to avail later as and when required, streamlining the reconciliation process, and ensuring greater accuracy and efficiency in GST compliance. This facility is set to transform the way businesses manage their GST obligations, reducing errors, and saving time and resources. Now, a draft manual on Invoice Management System has been issued and the final version shall be published later.

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