GST Network will launch Bill Management System (IMS) from October 1. With its help, taxpayers will be able to cross-check the records/invoices issued by suppliers to avail correct Input Tax Credit (ITC). GST Network, in its notice issued to Goods and Services Tax (GST) payers, said that a new communication facility called IMS is being launched to enable taxpayers to efficiently manage corrections/amendments in invoices with their suppliers through the portal. GST Network (GSTN) is used as a platform for filing GST returns and paying tax liabilities.
This facility will be available
GSTN said the IMS facility will also facilitate taxpayers to cross-check the records/invoices issued by their suppliers to avail the correct ITC. The IMS will enable taxpayers to accept or reject the challan or keep it pending in the system, which can be availed later. This facility will be available to taxpayers on the GST portal from October 1.
This is how you will get help
Rajat Mohan, CEO of consultancy firm Moore Singhi, said that by maintaining detailed records of all actions taken on all invoices, IMS creates a strong foundation for GST auditing. This feature provides tax authorities with clear evidence of the recipient’s due diligence in handling ITC claims. Experts consider this update a great upgrade.
