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Key Features of IMS & IMS Dashboard

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 - 

 

image-20241227-070552.png

 

 

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