Invoice Management System in GST (IMS)?
Invoice
Management System, or IMS, is a recently introduced automatic functionality on
the GST portal that makes communication of invoices and CDNs
saved/submitted/filed system available for seller. The recipients can check the
status of invoices and CDNs. It gives them the choice to accept, reject, or
keep them pending for a stipulated period under that system.
IMS
has been available to taxpayers from 01.10.2024. but taxpayer will allow to
works on it after 13.10.2024. the record will available for taking action on the portal and IMS will provide only be
the part of following
B2B -
Invoices (Amendments)
B2B - Debit
Notes
B2B - Debit
Notes (Amendments)
B2B - Credit
Notes
B2B - Credit
Notes (Amendments)
Eco [9(5)]
Invoices
Eco [9(5)]
Invoices (Amendments)
and
its is not included returns of GSTR 5 and GSTR 6 ,RCM (Reverse charge) records, for section 16(4) of CGST Act and
of Rule 37(A).
What is included in IMS system.
No
action taken: These are the details of invoices, DN,CN where the recipient has not taken any action.
ii.
Accepted: These are the accepted records and that shall be become part
of GSTR-2B generation reflected in GSTR 3B.
iii. Rejected: Such records shall not
be included in the generation of GSTR-2B.
iv.
Pending: Such records will not be considered for GSTR-2B generation for the
month, same will be carried forward in IMS itself for further action in subsequent
months.
This
facilitation for the taxpayer does not impose any burden in the compliance
front as no-action records will be considered to be Deemed Accepted, and
taxpayers will have interaction only if the record needed to be rejected or
needs to be kept pending.
For Quarterly returns (QRMP) Taxpayers:
The
records/invoices saved or filed through IFF by a QRMP taxpayer shall flow for
the recipient on IMS and turn part of GSTR 2B, according to the action of the
recipient thereon through IMS, upon taking, as well as the GSTR2B will be
annually generated in regard to the recipients, who are not QRMP taxpayers. Of
course:
GSTR-2B
shall not be generated for any Month M-1 and M-2(First two month of every Quarter) for QRMP taxpayer. The GSTR-2B
for any QRMP taxpayer shall be available at Quarter end.
Invoice Management System (IMS) Flow:
For
recipient's IMS to take further action, All the outward supplies reported under
the head GSTR 1 / IFF / 1A shall get auto-populated.
2. Rejected- The rejected records will now be
part of 'ITC Rejected' section in related GSTR 2B. ITC from rejected records
will not be auto-populated into GSTR 3B.
3.
Pending-Pending records shall not be there in GSTR 2B and GSTR 3B. Such records
would stay in IMS dashboard till acceptance /rejection of the record. 'Pending'
will not be permitted in cases where:
a. Original credit note as issued by the supplier.
b. Change/Amendment for upward adjustment of credit note even whether recipient has accepted
/rejected the original credit note.
c.
Credit-note being downward amendment of the credit-note if original credit note
was rejected by recipient.
d. Change/Amended of Invoice/ Debit note where the original Invoice/ Debit note has been
accepted by recipient and respective GSTR 3B has also been filed.
Important points about IMS
1.
Deemed accepted: The record shall be deemed accepted in case no
action on that record of IMS is taken during the generation of GSTR 2B.
2.
It is mandatory to recalculate GSTR 2B from IMS dashboard in case any action is
already taken on concerned records or any action is taken after 14th of the
month i.e. date of generation of Draft GSTR-2B.
3. Provisions that will not be uploaded into IMS and directly filled up in GSTR 3B -
(a) Inwards RCM supplies from a supplier that has appeared in Table 4B of IFF and GSTR 1 or GSTR 1A and
(b)
supplies or purchase where ITC is not eligible to claim under section 16(4) of CGST Act or on
account of POS(Point of Sale) rule.
4.
Data shall be made available on the IMS dashboard at the time of saving of
record by supplier in appropriate format and recipient may take follow up
action on such records at IMS. However, these records will be filled
automatically in the GSTR 2B on filling return through GSTR-1 / IFF/1A for the
supplier.
5.
Once the respective GSTR 3B filing is done, all approved / deemed approved
/rejected records will exit out from the IMS dashboard.
6.
The pending records will be available on IMS dashboard and these records can be
accepted or rejected in future months.
7.
Original record has to be taken action for and respective GSTR 3B has to be
filed before taking action on amended record (amended through GSTR-1A/GSTR-1)
when original and amended
It
would fall in 2 separate GSTR 2B return periods. If the records fall in the
same period's 2B, then only the updated record would be considered to compute
ITC of GSTR 2B.
8.
Any modification done in the record/invoice prior to submitting the
GSTR-1/1A/IFF on the supplier's end, would revive the status of that particular
record on the recipient's IMS dashboard.
9.
GSTR 2B will now be sequential. i.e. system will generate GSTR 2B of a particular
return period only where tax payer has been filed GSTR 3B of previous return
period is filed.
10.
Liability of supplier will increase in GSTR 3B for subsequent tax period, for
invoices/records which have been rejected by the recipient in the IMS for
following type of transactions
a.
Original CN (Credit note) rejected by the recipient
b.
Such credit note rejected by recipient no matter what action receiver
undertakes on original credit note
c.
such a credit note, rejected by recipient, is downwards amendments if original
credit note himself has rejected
d.
Downward amendment of an invoice/ debit note also rejected by the recipient
wherever original invoice/ debit note is accepted by the same recipient and
corresponding GSTR 3B also uploaded.
Final Thoughts
An
IMS is more than an efficiency tool; it is a strategic asset that will
transform the way you run your finances. It will automatically handle all those
time-consuming manual tasks, decrease error rates, ensure compliance, and
deliver key financial insights so that the business can better manage cash
flow, improve its vendor relationships, and become more productive in general.