GST Network Introduces New Invoice Management System

The GST Network is set to roll out the Invoice Management System (IMS) on October 1. This tool will allow taxpayers to match their invoices with suppliers for correct Input Tax Credit (ITC). It also offers options to accept, reject, or keep invoices pending, facilitating easier corrections and a robust audit trail.

The GST Network is set to introduce the Invoice Management System (IMS) starting October 1, aimed at helping taxpayers accurately reconcile their records and invoices with those issued by their suppliers for accurate Input Tax Credit (ITC).

In a recent advisory, GSTN announced that the IMS would streamline the process of making invoice corrections and amendments. The new system is designed to enable seamless communication between taxpayers and their suppliers via the GST portal.

According to GSTN, taxpayers will have the capability to accept, reject, or keep an invoice pending, which can be addressed later. Moore Singhi Executive Director Rajat Mohan commented that the IMS will offer a comprehensive audit trail, aiding tax authorities during GST audits by documenting meticulous records of taxpayer actions, thereby simplifying the evaluation of ITC claims.

(With inputs from agencies.)