look news india
There is good news for crores of GST paying businessmen in the country. From October 1, it will become easier to calculate and take input tax credit. In fact, GST Network is going to launch Bill Management System (IMS) from October 1. With its help, taxpayers will be able to take advantage of correct input tax credit (ITC) by matching the records / bills issued by suppliers. GST Network said in a consultation issued to Goods and Services Tax (GST) payers that a new communication facility called IMS is being introduced for efficient management of correction / amendment in bills with their suppliers through the portal.
GST network is used for
The GST Network (GSTN) is used as a platform for filing GST returns and payment of tax liabilities. GSTN said, “The IMS facility will also facilitate taxpayers to match 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 on GST portal from October 1
This facility will be available to taxpayers on the GST portal from October 1. Rajat Mohan, executive director of consultancy firm Moore Singhi, said that by keeping a detailed record of all actions taken on all invoices, IMS lays a strong foundation for GST audits. This facility gives tax officials clear evidence of the recipient's due diligence in managing ITC claims.