Goods and Services Tax – GST Dated:- 18-10-2024 – News – Additional FAQs on IMS Dated:- 18-10-2024 – Invoice Management System (IMS) is now available to taxpayers. This 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). Taxpayers can now make use of this facility to seamlessly accept, reject, or keep invoices pending in the system to avail later as and when required. The first GSTR-2B on the basis of actions taken in IMS would be generated for the return period Oct 24 on 14th November, 2024. For some additional frequently asked questions (FAQs) on IMS to get a better understanding of the new functionality. Thanking You, Team GSTN Additional FAQ on IMS 1 Which invoices are visible on IMS dashboard since 14th Oct 2024? IMS is launched from GSTR-2B return period of Oct 24. Hence, all the records eligible for GSTR-2B of Oct 24 return period onwards will be made available on the IMS
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d presently. 5 When should an invoice/debit note be rejected? Rejection of an invoice/debit note should be done very carefully as rejection will result in no ITC for the recipient. A record may be rejected if it does not pertain to the recipient, or the detail of the record is erroneous to such an extent that CN and DN cannot handle the situation. 6 In light of the time limit to avail ITC being till 30th November for FY 2023-24 or furnishing of annual return whichever is earlier, how can the ITC of erroneously rejected invoice in IMS, be taken by the recipient in the FY 2023-24? In case the recipient taxpayer erroneously rejects an invoice in IMS, then the same invoice can be accepted in IMS again before filing of GSTR 3B . After accepting the said invoice, the recipient taxpayer should recompute the updated GSTR-2B for availing the credit in GSTR 3B for the FY 2023-24. 7 How can recipient accept a genuine credit note issued by supplier in IMS as it will result further reduction of the
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e recipient? In the absence of linkage of Credit Note with the corresponding invoices, system cannot understand whether original invoice for this Credit Note was accepted or rejected. Therefore, if the invoice is not correct, then it is advisable to rectify the mistake through amendment of invoices in the GSTR 1 instead of issuance of a Credit Note. 10 Can the Credit Note be kept as pending in IMS? If no, then why? Credit Note cannot be kept pending in the IMS by the recipient as the supplier has reduced its outward tax liability at the time of issuance of credit note. IMS does not change the existing flow where the documents/records reported by the supplier in the GSTR 1 is accepted and corresponding impact is reflected in the GSTR-2B . Now because of IMS, an additional option has been provided to recipient to reject the credit note if it does not belong to him. 11 Whether liability can be added in the same GSTR 3B in case where credit note has been rejected by the recipient before fi
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