The Goods and Services Tax Network (GSTN) will introduce a new Invoice Management System (IMS) on the GST portal starting 1 October 2024. This system will help make Input Tax Credit (ITC) claims easier by allowing taxpayers to accept, reject, or keep invoices pending for later review. Both regular taxpayers and those using the Quarterly Return Monthly Payment (QRMP) scheme will benefit from this feature.
The main benefits of the IMS include making it easier to fix invoice mistakes between…