IMS Now Available: Live from 14th October!

Exciting news for all users and enthusiasts—IMS (Invoice Management System) is officially live and available starting from 14th October! IMS serves as a real-time bridge between GSTR-1 and GSTR-2B, designed to simplify invoice reconciliation, enhance input tax credit (ITC) claims, and minimize the challenges associated with credit reversals.

Let’s understand the key changes!

GSTN Advisory dated 14^th October, 2024

Attention - Advisory on IMS:

Oct 14th, 2024

Invoice Management System (IMS) is made available to taxpayers from Today, 14th Oct, 2024. The new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC). Taxpayers can make use of this system to take action on the invoices reflecting on IMS from 14th Oct, 2024. The first GSTR-2B would be generated for the return period Oct '24 on 14thNovember, 2024 considering action taken on Invoice Management System. It may be noted that it is not mandatory to take action on invoices in the IMS dashboard for GSTR-2B generation.

Thanking You,
Team GSTN

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Key highlights of the advisory

• IMS Launch Date: Officially live from 14th October, offering instant access to its powerful features.
• IMS is live on portal from 14^th October, 2024. It contains records of ITC from the records added to GSTR 1/IFF/ GSTR 1A, even if GSTR 1/ 1A is not filed yet. For example, in below screenshot, IMS contains some records of October, 2024 for which GSTR 1 is not yet filed, but records are present:

• IMS is updated in real-time.
• As soon as the supplier adds a record to his GSTR 1/IFF/1A, it is reflected in IMS.
• IMS updates the source filing status as “Filed” as soon as the supplier files the GSTR 1/IFF/1A. You can refer to the below screen:

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 Conclusion

The launch of the Invoice Management System (IMS) marks a significant step forward in streamlining GST compliance. By offering real-time updates, seamless invoice reconciliation, and enhanced visibility into input tax credit (ITC) claims, IMS empowers taxpayers to stay on top of their records and make timely decisions. While its use is optional for GSTR-2B generation, the system provides a valuable tool for proactive management of invoices and ITC optimization. As IMS goes live on 14th October 2024, taxpayers are encouraged to explore its features to enhance accuracy and reduce complexities in their GST processes.

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