The Benchmark Consultants’ Post

Elevating GST Compliance with the New Invoice Management System (IMS) The GST Common Portal has introduced the Invoice Management System (IMS), empowering recipient taxpayers with greater control to accept, reject, or hold invoices for future action. This new system enhances the reconciliation process, ensuring more accurate Input Tax Credit (ITC) claims while simplifying compliance complexities. Starting 14th October, taxpayers can access this feature on the GST Portal. Any invoices left unacted upon will be automatically accepted for GSTR-2B generation, making the process even more seamless. Key Features: • Real-time invoice tracking and management • Improved ITC reconciliation for accuracy • Bulk selection and download options for greater efficiency • Flexibility in managing actions before GSTR-3B filing This system marks a major advancement in compliance efficiency and convenience. However, questions remain on how it will handle multiple line-item invoices, debit and credit note adjustments, and re-issued invoices. These will likely be addressed in due course. Taxpayers should now begin integrating this new mechanism into their compliance processes. Feel free to reach out to us for more guidance! #GSTCompliance #InvoiceManagement #TaxTech #IMS #GSTR2B #TaxInnovation #BusinessEfficiency #GST

New Advisory on GST Invoice Management System (IMS) - Stay Compliant! Effective October 2024, the Invoice Management System (IMS) on the GST Portal allows recipients to accept, reject, or keep pending invoices submitted by suppliers, directly impacting their GSTR-2B. Key Updates to Know: >Action on Invoices 📝: Taxpayers can now verify invoices in IMS and adjust the details accordingly. >Impact on GSTR-2B & GSTR-3B 📈: Accepted/rejected statuses update your GSTR-2B, which auto-populates in GSTR-3B for accurate input tax credit (ITC) and liabilities. >Adjustments Allowed ⚙️: If errors occur during the initial rollout, taxpayers can edit auto-populated ITC or liabilities before filing GSTR-3B. Get support and stay compliant with KAKS Consultants – Your GST Partner in navigating the new IMS smoothly! 🌐 https://kaksconsulting.in/ ☎️ +91 981835132 #KaksConsultants #TheFinExperts #KaksTaxMasters #business #businesscompliance #complaincematters #businessowners #indianbusiness #gst #gstupdates

#GSTReturn The new Invoice Management System (IMS) being introduced on the GST portal from 1st October aims to streamline communication between taxpayers and their suppliers for efficient invoice corrections or amendments. The IMS will facilitate the reconciliation of invoices between recipients and suppliers, ensuring the correct Input Tax Credit (ITC) is claimed. Through this system, recipient taxpayers will have the option to: Accept the invoice. Reject the invoice. Keep the invoice pending for future action. This feature will improve the accuracy of ITC claims and help reduce discrepancies between records. The introduction of IMS will enhance the compliance process and help businesses manage their invoice-related communication seamlessly. this transition may initially challenge software companies, which will need to realign their processes to integrate with the new system. Despite the complexities, it is seen as a necessary step toward adapting to the evolving regulatory landscape. https://lnkd.in/gm_qYEKH

New Era in GST Compliance with the Invoice Management System (IMS)! 🚀   In a significant leap forward, the GST Common Portal has introduced the Invoice Management System (IMS), transforming how recipient taxpayers handle purchase invoices!    With this innovative feature, taxpayers can now: ✅ Accept ❌ Reject 🕗 Keep invoices pending for future use!   This seamless process streamlines reconciliation, improves accuracy, and ensures you get the right Input Tax Credit (ITC) 💡. Starting 14th October, businesses can manage invoices effortlessly and save time and resources!   Key Highlights:  🔹 Match supplier invoices with ease  🔹 Improved transparency and compliance  🔹 Bulk actions and filters for smarter invoice management  🔹 Draft GSTR-2B auto-generation on the 14th of each month 🗓️   Let’s embrace this transformation and make GST compliance more efficient than ever!    #GST #InvoiceManagement #TaxCompliance #InputTaxCredit #DigitalTransformation #TaxTech #BusinessEfficiency  

🚨 New GST Invoice Management System (IMS) Advisory 🚨 In October 2024, the GST Portal rolled out the Invoice Management System (IMS) – a game-changer for streamlined tax compliance! Through IMS, recipients can: ✅ Accept ❌ Reject ⏸️ Mark as Pending 🔹 Impact on ITC & Tax Liability: Your actions in IMS will automatically populate in GSTR-3B based on data in GSTR-2B – making accuracy crucial! 🔍 Key Reminders During the Initial Phase: 📋 Verify Before Acting: Carefully review invoices before making any selections to avoid errors. 🔄 Adjust if Needed: If a mistake occurs, don’t worry! You can update actions in IMS and recalculate your GSTR-2B anytime before GSTR-3B filing. ✍️ Manually Edit GSTR-3B if Needed: If there’s an error in the ITC/liability auto-population, manually adjust figures in GSTR-3B for accurate reporting. ⚙️ Please Note: The IMS is an effective tech-driven solution, but it is still under development, so some features may continue to evolve to enhance accuracy and functionality. With IMS, compliance just got easier, helping businesses stay on track with tech-driven precision. Taking these actions thoughtfully ensures smooth and accurate filings! #GSTUpdate #InvoiceManagement #TaxCompliance #GSTR #Invoicing #BusinessTax #TaxFiling #Finance #GSTIndia #BusinessCompliance #TaxUpdates #ITC #GSTR3B #SmallBusiness #IndiaBusiness #BusinessTaxation #TechInTax #DigitalTransformation

🚀 New Invoice Management System (IMS) Launched on GST Portal! The GSTN has introduced a game-changing Invoice Management System (IMS) on the GST portal, available from October 1st. This new feature will help taxpayers efficiently manage invoice corrections, amendments, and Input Tax Credit (ITC) claims. Here’s what you need to know: 🔹 Key Features: Accept, Reject, or Keep Pending: Recipients can now manage their invoices directly through IMS, deciding which invoices to accept, reject, or keep pending. Impact on ITC Claims: Only accepted invoices will be included in GSTR-2B as eligible ITC. If no action is taken, the invoice will be deemed accepted. Improved Control: Review and verify invoices before they affect your ITC. Amendments by suppliers are automatically updated. QRMP Taxpayers: Invoices will flow into IMS for action and will be included in the GSTR-2B generated quarterly. 🔹 Benefits: Streamlined Process: Reduces errors and ensures only genuine invoices are used for ITC claims. Compliance Made Easy: Simplifies the matching of invoices and records between suppliers and recipients. This update is a big step towards improving the GST compliance process and enhancing transparency. Stay compliant, stay ahead! 🌟 #GST #Taxation #GSTSIKHO #InvoiceManagement #BusinessUpdates #TaxProfessionals #Compliance #Finance #LinkedInUpdates

🚨 New Invoice Management System (IMS) on GST Portal 🚨 📢 Starting from 1st October, the GST Network is launching the Invoice Management System (IMS) to streamline the communication between taxpayers and their suppliers for handling invoice corrections and amendments. ✨ Key Highlights: ⿡ Taxpayers can accept, reject, or keep invoices pending directly on the IMS portal.  ⿢ Only accepted invoices will be reflected in GSTR-2B for claiming Input Tax Credit (ITC).  ⿣ Deemed Acceptance: If no action is taken on an invoice, it will be deemed accepted and moved to GSTR-2B.  ⿤ Real-time actions will ensure accurate and timely ITC claims. ⿥ Amendments by suppliers will automatically update invoices in the recipient's IMS dashboard. 👥 For QRMP Taxpayers: GSTR-2B will be generated quarterly, and IMS will allow actions on invoices reported in IFF. 💡 How IMS Works: Accept: Invoices become part of ITC Available in GSTR-2B. Reject: Invoices are added to ITC Rejected in GSTR-2B. Pending: Invoices remain in IMS for future actions. 🚀 IMS is a game-changer for businesses, ensuring transparency and accuracy in ITC claims, and making GST compliance smoother than ever. 🔗 [Read the full article for detailed insights!] https://lnkd.in/d9baPpQg #GST #InvoiceManagementSystem #TaxCompliance #InputTaxCredit #GSTR2B #Taxpayers #BusinessEfficiency #GSTPortalUpdate

Introduction of Invoice Management System(IMS) 📢 **Exciting News for Taxpayers!** Starting October 1st, a new Invoice Management System (IMS) will be available on the GST portal. This system allows you to easily manage your invoices: ✅ Accept an invoice if it’s correct. ❌ Reject it if there are errors. 🔄 Keep it Pending if you’re not sure yet. This will help you ensure that your records are accurate and make the most of your Input Tax Credit (ITC). The best part? If you don’t take any action, invoices will automatically be accepted and included in your GSTR-2B as eligible ITC. So, less hassle and more control over your tax credits! Stay compliant and keep your finances in check with this new tool. #TaxUpdate #GST #InvoiceManagement #ITC #BusinessTools

🚨 Important Advisory on Invoice Management System (IMS) - Supplier View 🚨 The Invoice Management System (IMS) has been available on the GST Portal since October 14, 2024, enabling recipient taxpayers to take action (accept, reject, or keep pending) on invoices filed by their suppliers in GSTR-1/1A/IFF. The first GSTR-2B, based on these actions, will be generated on November 14, 2024, for the October 2024 period. In a step towards improving transparency, a Supplier View feature has been introduced. This allows suppliers to view actions taken by recipients on their reported invoices, helping ensure that recipients are taking the right actions and avoiding discrepancies. 💡 Key Notes: No Action Taken: Invoices where ITC is not eligible or where Reverse Charge Mechanism (RCM) applies will show as 'No Action Taken' in the Supplier View. Actions taken on invoices by recipients can be changed until the filing of GSTR-3B. After changes, recipients must click the GSTR-2B recompute button to update their GSTR-2B. For more information, connect and follow Vipul Prajapati #GST #IMS #SupplierView #Taxation #InvoiceManagement #GSTN

🚨 Big Change Coming for GST Filers: New Invoice Management System (IMS) Live from October 2024! 🚨 Get ready for a game-changer in the way you manage your invoices and claim Input Tax Credit (ITC) on the GST portal. Here's what you need to know about the new Invoice Management System (IMS) rolling out on October 1, 2024: 🔹 Seamless Invoice Management: Taxpayers can now easily accept, reject, or keep invoices pending. Any invoices left untouched will be treated as automatically accepted. 🔹 Accurate ITC Claims: Only accepted invoices will be reflected in GSTR-2B, which means more accurate ITC claims. For QRMP taxpayers, GSTR-2B will be generated quarterly. 🔹 Improved Reconciliation: IMS will streamline the reconciliation process between suppliers and recipients, ensuring fewer discrepancies and reduced compliance burdens. 🔹 Deemed Acceptance: No need to stress over missed invoices! If you don’t take any action on an invoice, it’s deemed accepted, simplifying the overall process. 💡 Pro Tip: Stay on top of your invoices to avoid any ITC loss—make sure you're actively managing them as part of your monthly filing routine. This new system is designed to make your tax filings more efficient, hassle-free, and compliant. 🎯 #GSTUpdate #IMS #GSTFiling #InputTaxCredit #TaxCompliance #GSTR2B #QRMP #EaseOfDoingBusiness