GST Network will launch Bill Management System (IMS) from October 1. With its help, taxpayers will be able to match the records / bills issued by suppliers to avail the correct input tax credit (ITC).
GST Network said in an advisory issued to Goods and Services Tax (GST) payers that a new communication facility called IMS is being introduced to enable taxpayers to efficiently manage corrections / amendments in bills with their suppliers through the portal. GST Network (GSTN) is used as a platform for filing GST returns and payment of tax liabilities.
This facility will be available
GSTN said that the IMS facility will also facilitate taxpayers to match the records/bills issued by their suppliers to avail the correct ITC. IMS will allow taxpayers to accept or reject the invoice 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.
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This is how you will get help
Rajat Mohan, executive director of consulting firm Moore Singhi, said that by keeping a detailed record of all the actions taken on all invoices, IMS creates a strong basis for GST audit. This facility gives tax officials clear evidence of the recipient’s due diligence in managing ITC claims. This update is being considered a major update by experts.
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