GSTN notifies Draft Manual on New GST Invoice Management System

In an important move forward for the Goods and Services Tax (GST) ecosystem, the GST Common Portal has launched a groundbreaking new facility, the Invoice Management System (IMS), which will change the way recipient taxpayers deal with invoices.

The new feature allows taxpayers to accept, reject, or keep invoices pending in the system to be used later as needed, expediting the reconciliation process and assuring improved accuracy and efficiency in GST compliance.

The new system will help taxpayers match their records/invoices with those issued by their suppliers in order to claim the relevant Input Tax Credit. This feature is expected to change how businesses manage their GST obligations by eliminating errors and saving time and resources.

With this cutting-edge functionality, the GST Common Portal continues to set new benchmarks in taxpayer convenience and experience.

This facility will be offered to taxpayers on the GST portal starting October 14th. It may be noted that it is not mandatory to accept or reject invoices in the IMS dashboard for GSTR-2B generation.

If a taxpayer chooses not to take any action on the received bills, its GSTR-2B will be generated on the 14th of the month, as it is today. Invoices with no action taken by the recipient are treated as approved by the system, and a draft GSTR-2B is prepared that includes only accepted or ‘no action taken’ invoices. However, recipient taxpayers may take action or amend their previous actions on approved invoices until the month’s Form GSTR-3B is filed.

For the Official Draft Manual – Click Here