Frequently Asked Questions on IMS
The GST department has issued a set of FAQs on Invoice Management System on 22 September 24. These FAQs will act as guiding tool for the taxpayers while using the IMF. The Invoice Management System will be launched on the GST Portal from 1st October 2024 and shall be available to the taxpayers for taking actions on the received invoices/records from 14th October 2024 onwards.
When GST was introduced in 2007, it was based on the concept of matching, where the invoices issued by the supplier would be matched by the recipient for taking the input tax credit. While this concept was a significant improvement over the previous tax regime, it had its limitations. The introduction of the IMS is a step forward in this direction, providing taxpayers with more flexibility and control over their GST compliance.
The Invoice Management System(IMS) is a revolutionary facility that empowers taxpayers to manage their invoices in a more efficient and effective manner. With the IMS, taxpayers have the option to accept, reject, or keep invoices pending, giving them complete control over their GST compliance. This facility is not mandatory at present, but it is an optional facility for taxpayers. However, with time and further developments, this facility will become mandatory in the normal course.
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Get SupportThe department has addressed some of the common questions and concerns related to the IMS by issuing a set of FAQs on 22nd September 2024. FAQs on IMS
These common questions will help the taxpayers in using the facility in an efficient manner.
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