GST: Bill management system to start from October 1

New Delhi| GST Network will launch Bill Management System (IMS) from October 1. With its help, taxpayers will be able to match the records/bills issued by suppliers to avail the correct Input Tax Credit (ITC). A new communication facility named IMS is being launched so that taxpayers can efficiently manage corrections/modifications in records/bills with their suppliers through the portal, the GST Network said in an advisory issued to Goods and Services Tax (GST) payers. Is. GST network is used as a platform for filing GST returns and paying tax liabilities. Rajat Mohan, executive director of consulting firm Moore Singhi, said, keeping detailed records of all actions taken on invoices creates a strong foundation for IMS GST audit. This facility gives the tax authorities clear evidence of the recipient’s due diligence in managing ITC claims.

Acceptance and rejection of challan will also be allowed
GST Network said, IMS facility will also facilitate taxpayers to match records/bills issued by their suppliers to avail correct ITC. This feature will allow taxpayers to accept or reject the invoice or keep it pending in the system, which can be availed later.