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The Invoice Management System (IMS) is a significant improvement on the existing system with regards to B2B buyers with many suppliers’ purchase invoices. IMS provides full control whether you need to approve, reject or review these invoices to check the accuracy and compliance of your ITC claims.
How can the IMS facility make it easier, faster and less stressful for you to deal with your invoices? So, let’s dive into some frequently asked questions (FAQs) about IMS:
The IMS or Invoice Management System is a feature on the GST portal that deals with invoices that your suppliers have uploaded. As opposed to playing store cup and ball with your records to your suppliers, you can now accept, reject and keep bills pending in the IMS. This helps you not to be charged the wrong amount on your invoices to claim your ITC.
The IMS is the best solution if you are sick and tired of manual comparing or if you always seem to encounter invoice disparity. It is all about having control and transparency to claim ITC and what this system allows you to do is a few clicks away.
IMS is available for use from October 14, 2024. However, it is not mandatory to use IMS. GSTR-2B will be generated as usual.
Accessing IMS is super easy! Once you’re logged into the GST portal, follow this path:
Home > Services > Returns > Invoice Management System (IMS) Home.
On this page, you will find all the supplier invoices approved for further actions by you and your company.
Through GSTR-1, GSTR-1A or IFF (Invoice Furnishing Facility) IMS will reveal all the invoices or records filed or uploaded by your suppliers. These are the documents that you will be viewing but there are exceptions. Documents that ITC is not available due to POS rules or Section 16(4) of the CGST Act will go straight to the IMS and repo directly in the ITC not available section of GSTR-2B.
Bills which are accepted will come into your GSTR-2B and prepare for ITC in GSTR-3B. However, ITC will not be considered for the invoice rejection and it will be transferred to the “ITC Rejected” in GSTR-2B. The documents that remained in the IMS after filing GSTR-3B are only pending documents and the documents of future tax periods.
When your supplier saves an invoice in GSTR-1, GSTR-1A, or IFF, it pops up in your IMS dashboard. You can then accept, reject, or keep it pending right away. However, ensure you take action before filing your GSTR-3B, as any untouched invoices will be deemed accepted when GSTR-2B is generated.
Not all documents pass through the IMS. Here’s what skips this process:
These records will directly flow into your GSTR-2B, so you won’t miss out on anything critical.
IMS isn’t available to everyone. It’s designed for taxpayers registered as normal taxpayers (including SEZ unit/Developer) and casual taxpayers. If you fall under these categories, you’re good to go!
IMS offers you three choices for every invoice:
But here’s the kicker: if you don’t take any action, it is deemed as accepted when GSTR-2B is generated, so don’t forget to check those invoices before filing.
Absolutely! You can switch between multiple options as you wish before you finalise your GSTR-3B. For example, if you have accepted an invoice, which was containing certain mistake, then you can reject that particular invoice. The latest action will always replace the previous one; however, as soon as GSTR-3B is submitted, the action gets frozen.
If your supplier alters an invoice after storing it in the system, it would prevent the new unchanged invoice from replacing the one stored in IMS. However, in this case of original and the amended bills being placed in different GSTR-2B cycles, first, you have to deal with the former before moving to the latter. This feature protects you from accepting an amendment without revisiting the original invoice by the system.
This is because if the supplier has a change in his invoice before submitting his/ her GSTR-1, what the IMS does is to overwrite the previous bill with the revised one hence any action that has been done will be undone. Here, shown at Figure 13, it provides you the edited invoice needed for review and retake action.
Invoices for Reverse Charge Mechanism (RCM) will not feature in IMS. However, as in the past they will continue to be part of your GSTR-2B, you will need to handle these records outside the system.
All of the IMS data may also be downloaded in Excel format if you like. That is particularly helpful if one wishes to retain the manual records or check some of the information.
In addition to saving time and headaches when storing and organizing your records, IMS helps you manage your bills, making your overall company more organized and avoiding costly mistakes in the future. Therefore, log in now, discover IMS, and make your invoice processing as easy as possible.
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