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Introduced by GSTN from Oct 1 2024, IMS refers to Invoice Management System, a communication platform allowing buyers to Accept, Reject or Keep Pending the invoices received from their vendors as part of GSTR 2A/2B.

It is being done to ensure accurate ITC claims by the buyer. Only the accepted invoices will form part of re-computed 2B and will be considered for 3B. IMS will show invoices in real-time i:e as soon as supplier saves invoices in GSTR1 or 1A or IFF. This would mean, vendors eligible for Einvoicing would have their invoices flowing to the buyers IMS portal on a T+1 basis.

Below is the advisory from GSTN

Invoice Management System (IMS) is made available to taxpayers from Today, 14th Oct, 2024. The new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC). Taxpayers can make use of this system to take action on the invoices reflecting on IMS from 14th Oct, 2024. The first GSTR-2B would be generated for the return period Oct24 on 14th November, 2024 considering action taken on Invoice Management System. It may be noted that it is not mandatory to take action on invoices in IMS dashboard for GSTR-2B generation.

Furthermore, GSTN has issued additional advisories regarding hard locking of GSTR3B tentatively from Jan 2025 and more FAQs related to IMS. Below points are important

It may be noted that tentatively from January 2025 tax period, the GST Portal is going to restrict making changes in auto-populated liability in pre-filled GSTR-3B from GSTR-1/1A/IFF to further enhance accuracy in return filing. It is once again suggested hereby that in case any change is required in auto-populated liability, the same may please be handled through GSTR-1A. However, locking of auto-populated ITC in GSTR-3B, after the roll out of IMS, will be implemented from a later date. For the same a separate advisory would be issued after addressing all the issues related to IMS, raised by the trade.

Key Points:

• Hard locking of GSTR3B output tax liability from Jan 2025 based on GSTR 1/1A/IFF
• Locking of ITC in 3B not immediately but after mandatory rollout of IMS
• Taxpayers need to carefully review invoice data of sales and purchases to ensure thorough compliance

Moreover, GSTN has also issued FAQs on IMS with detailed explanations.

Fynamics, an approved GSP, is amongst Industry's first to have a fully integrated IMS module that not only reconciles data with your Purchase register but is also linked with Fynamics 2A/2B module thereby giving you a complete visibility and reconciliation capability between PR, 2A, 2B and IMS.

For more details, contact your Fynamics RM or visit www.fynamicsgst.in

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