The Goods and Service Tax Network (GSTN) on September 22, 2024, issued Frequently Asked Questions on IMS.
The following has been stated: -
•With the Introduction of the Invoice Management System (IMS), the taxpayer’s interaction with invoices and business processes will change. This innovative feature empowers taxpayers to seamlessly accept, reject, or keep invoices pending in the system to avail later as and when required, streamlining the reconciliation process, and ensuring greater accuracy and efficiency in GST compliance.
•The frequently asked questions (FAQs) on IMS to get a better understanding of the new functionality are given below.
