The GST Network (GSTN) on September 22, 2024 released a set of frequently asked questions (FAQs) to help taxpayers to understand the new Invoice Management System (IMS).
Invoice Management System (IMS) is a facility in GST system, where the invoices/records saved/filed by the supplier in GSTR-1/1A/IFF, can be accepted, rejected or kept pending by recipients in order to correctly avail ITC.
The introduction of IMS will transform how taxpayers manage invoices and conduct business processes. This innovative feature allows taxpayers to effortlessly accept, reject, or hold invoices for future review, enhancing the reconciliation process. By streamlining these operations, IMS aims to improve accuracy and efficiency in GST compliance.
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