Tax alert: Introduction of Invoice Management System (IMS) facility –Effective from 1 October 2024 has been saved
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Tax alert: Introduction of Invoice Management System (IMS) facility –Effective from 1 October 2024
12 September 2024
The Goods and Services Tax Network (GSTN) has issued an advisory to introduce a new functionality called Invoice Management System (IMS) on GST portal, from 1 October 2024 onwards. IMS is aimed at establishing a
communication mechanism between suppliers and recipients by creating an additional layer of document verification and reconciliation. In 54th GST Council meeting, it is announced that, IMS facilitation is expected to reduce notices issued on account of ITC mismatch in returns.
