Live Webinar

The GST Network (GSTN) is set to launch a new Invoice Management System (IMS) on October 1, 2024, which will significantly enhance how taxpayers manage invoices and Input Tax Credit (ITC) claims. Here’s a comprehensive overview of the planned functionality

12th September 2024 at 11 am – 12 pm IST

12th September 2024 at
11 am – 12 pm IST

Latest Webinars

1. Real-Time Invoice Dashboard

Invoices reported by suppliers in their GSTR-1/IFF/1A will populate on your IMS dashboard. You can view and accept reject or take pending action on these invoices before filing your GSTR-3B. If no action is taken, invoices will be deemed accepted. Only Accepted and Deemed Accepted invoices will be included in GSTR-2B.

2. Sequential GSTR-2B Generation

GSTR-2B will be generated sequentially, meaning it will be created only after the filing of GSTR-3B for the previous period. This ensures that only finalized data from previous periods is considered.

3. Handling Amendments

If a supplier amends an invoice before filing GSTR-1, the updated invoice will replace the original one in IMS. Any amendments made through GSTR-1A will also be reflected however their ITC will flow to GSTR-2B in the subsequent month.

4. Action Timing and Cut-Offs

You can take actions on invoices from the time they are saved by the supplier until you file your GSTR-3B. However, if you act on invoices after the draft GSTR-2B is generated (usually by the 14th of the month), you must recompute your GSTR-2B. No further action can be taken after filing GSTR-3B.

Impact on Taxpayers

The IMS functionality aims to

Improve Accuracy
By allowing real-time actions on invoices, it ensures only valid invoices are included in GSTR-2B and ITC claims.
Enhance Transparency
Taxpayers can easily track and manage their invoices, providing better control and visibility over their ITC claims.
Streamline Compliance:
The sequential generation of GSTR-2B and the ability to manage invoices before filing GSTR-3B will help in maintaining accurate records and compliance.

Latest Webinars

Ashwini Gorhe

Ashwini is a Product Manager at IRIS Business Services Ltd with 12 years of experience. She is a Chartered Accountant by profession.
As a Product Manager, Ashwini plays a pivotal role in shaping the company’s GST product roadmap. Her responsibilities include in-depth research on market trends, understanding the complexities of Goods and Services Tax (GST) regulations, and translating this knowledge into product-level business strategies and validation rules.
Apart from her strategic contributions, Ashwini is actively involved in providing hands-on assistance to clients, offering solutions to critical GST-related queries. Ashwini frequently conducts product demonstrations, guiding taxpayers on leveraging the IRIS GST offerings to enhance their productivity and ensuring GST compliance with ease.

Recognizing the importance of educating taxpayers on the ever-evolving GST landscape, Ashwini takes the initiative to run various webinars focused on topics like e-invoicing and updates on GST.

Vaishali Dedhia

Vaishali Dedhia, a Chartered Accountant, has been working with IRIS for over 12 years and is currently the Product Manager for IRIS Credixo – a credit decisioning and monitoring platform.
As a seasoned Product Manager, she has played a pivotal role in designing product roadmaps that cater to the dynamic needs of the market. Her expertise lies in meticulously researching market trends to identify opportunities and challenges, enabling the creation of cutting-edge solutions. One of her contributions at IRIS has been spearheading the development of the IRIS GST platform. Prior to GST, her expertise lay in compliance and data analysis for the US markets.

We look forward to welcoming you to an insightful session on leveraging the IMS for your business’s advantage.