GSTN issues Important Advisory on IMS

The Goods and Services Tax Network (GSTN) has announced the launch of the Invoice Management System (IMS), effective October 14, 2024, and released an advisory for taxpayers. IMS aims to streamline the process for taxpayers, allowing them to match their records and invoices against those issued by suppliers. The system facilitates easier management of GST compliance by providing real-time invoice details. The first GSTR-2B form will be generated for October 2024 on November 14, 2024, considering actions taken on invoices listed in the IMS. This initiative aims to enhance accuracy and compliance in ITC claims.