GSTN Advisory: IMS Launched for Taxpayers to Streamline ITC Claims

The GST Network (GSTN) has launched the Invoice Management System (IMS) to streamline Input Tax Credit (ITC) claims for taxpayers. Effective from October 14, 2024, IMS allows taxpayers to match their records with invoices issued by suppliers, ensuring accurate ITC claims. The system is designed to reduce errors and discrepancies in ITC claims, thereby minimizing notices issued for mismatches. Taxpayers can take action on invoices through the IMS dashboard, although it is not mandatory for GSTR-2B generation. The first GSTR-2B under this system will be generated for October 2024 on November 14, 2024.