New Delhi, Sep 3 (PTI) GST Network will launch the Invoice Management System (IMS) from October 1 which will facilitate taxpayers in matching their records/invoices vis-a-vis issued by their suppliers for availing the correct Input Tax Credit (ITC).

In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the IMS is being launched.

Also Read | Passport Seva Portal Services Restored After Scheduled Downtime, Know How To Make Online Appointment Booking for Passport.

"This will also facilitate taxpayer in matching of their records/ invoices vis-a-vis issued by their suppliers for availing the correct ITC," GSTN said.

IMS will allow the recipient taxpayers to either accept or reject an invoice or to keep it pending in the system, which can be availed later.

Also Read | Shillong Teer Results Today, September 3 2024: Winning Numbers, Result Chart for Shillong Morning Teer, Shillong Night Teer, Khanapara Teer, Juwai Teer and Jowai Ladrymbai.

This facility shall be available to the taxpayer from October 1 onwards on the GST portal.

Moore Singhi Executive Director Rajat Mohan said by maintaining a detailed record of all actions taken on each invoice, the IMS creates a robust audit trail that is invaluable during GST audits. This feature provides tax authorities with clear evidence of the recipient's due diligence in managing ITC claims, potentially simplifying the scrutiny process.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)