GSTN releases Draft Manual on New GST Invoice Management System

• Mybusiness Filings
• 20 Sep 2424
• 86
• 2

In a significant development for the Goods and Services Tax ( GST ) ecosystem, the GST Network ( GSTN ) has introduced a draft manual for its new Invoice Management System ( IMS ), designed to simplify and enhance the way recipient taxpayers handle their invoices.

This Invoice Management System, set to go live from 14th October, allows taxpayers to accept, reject, or keep invoices pending, helping streamline the reconciliation process and ensuring more accurate Input Tax Credit ( ITC ) claims.

Key Features of the IMS:

Seamless Invoice Management: Taxpayers can now take direct actions on invoices—accepting, rejecting, or deferring them for later—via the GST portal. This feature will ease the process of ITC reconciliation.

Not Mandatory for GSTR-2B Generation: While taxpayers have the option to act on invoices through the IMS, the system will still automatically generate the GSTR-2B on the 14th of every month, even if no action is taken. In such cases, the system will consider unacted invoices as accepted.

Recipient taxpayers can modify their actions ( acceptance or rejection ) on invoices up until the filing of GSTR-3B for the relevant month, giving them flexibility to rectify any inadvertent mistakes. The system comes with easy-to-use dashboards for both inward and outward supplies, providing detailed views of invoice statuses, categorised by accepted, rejected, pending, or no action taken.

Bulk Actions & Downloadable Reports: Taxpayers can act on multiple invoices at once and download detailed reports in Excel format, offering convenience for businesses managing large volumes of transactions.

Recomputation of GSTR-2B: If any action is taken after the draft GSTR-2B is generated, taxpayers will be able to recompute the GSTR-2B for accurate ITC calculations before filing GSTR-3B.

Here’s How to Access the IMS:

Taxpayers can access the IMS by logging into the GST portal at www.gst.gov.in, and navigating through the Services > Returns > Invoice Management System option. The detailed step-by-step process for managing invoices, along with screenshots, has been provided by GSTN in the draft manual, ensuring easy understanding and adoption.

 

The IMS is aimed at providing an easier method for businesses to match their inward supplies, i.e., invoices issued by suppliers, with their own records