GSTN Advisory Regarding IMS During Initial Phase of Its Implementation
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- By Taxmann
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- Last Updated on 14 November, 2024
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GSTN Update dated November 12th, 2024
The GSTN has issued an update to inform that the recipient can change the action on the Invoice Management System (IMS) in respect of an invoice/record and can re-compute his GSTR-2B at any time till the filing of GSTR-3B for the corresponding tax period. Even if taxpayer fails to correct then he can edit such wrongly populated ITC/liability in their GSTR-3B, to correctly avail ITC or pay correct tax liability as per the documents/records available.
Notably, IMS is an optional facility introduced from October 2024 on GST Portal, on which the invoices/records saved/furnished by the supplier in GSTR-1/1A/IFF, can be accepted, rejected or kept pending by recipients. Based on the action taken by the recipient on the IMS, system will generate the GSTR 2B of the recipient on 14th of subsequent month but IMS, being a new functionality introduced on the portal, there may be cases where in the initial phase of implementation of IMS, the recipient may make error/mistake while taking action (like acceptance/rejection/keeping pending) on the IMS in respect of an invoice/record.
Click Here To Read The Full Update
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