Key Features of IMS & IMS Dashboard
Communication functionality: The invoice management system is a communication functionality within the GST Portal that connects suppliers and recipients through invoice documentation and a single dashboard interface.
Single-window to process auto-generated GSTR-2B: Recipient taxpayers with multiple inward suppliers can manage all invoices submitted by all suppliers and auto-generate GSTR-2B with minimal interventions. The taxpayer must select either ACCEPT, REJECT or PENDING to finalise auto-generated ITR reporting.
Zero compliance burden: Any new functionality or feature within the GST portal often worries taxpayers about the latest compliance workload. However, IMS will not create any additional compliance burden. If a recipient fails to respond to an invoice, it will be automatically considered 'deemed accepted'. IMS will simplify ITC reporting by streamlining the inward invoice management process.
Summary view of inward invoices and actions: The IMS dashboard offers a summary view of all invoices and actions taken for each invoice. This can help management decision-making and auditing processes.
Suppliers can now easily amend submitted invoices: The new functionality also makes it easier for suppliers to amend the saved invoices through GSTR-1A.
IMS DASHBOARD
The new system has not yet been rolled out, but as per the advisory issued by GSTN , the Invoice Management System dashboard looks like -