What documents will not be made available in IMS but will be part of GSTR-2B?<\/h3>
The following records will travel straight to GSTR-2B rather than being included in IMS:
1. Document originating from the subsequent formats:
–<\/strong> GSTR 5
–\u00a0<\/strong>GSTR 6
2. ICEGATE documents
3. RCM records
4. Document for which ITC is not eligible because:
–<\/strong> POS rules
–<\/strong> Section 16(4) of CGST Act
5. Documents where Rule 37A requires the ITC to be reversed<\/p>Who will have access to IMS functionality?<\/h3>
The IMS feature will be available to taxpayers registered as regular taxpayers (including SEZ unit\/developer taxpayers) and casual taxpayers.<\/p>
What are the actions that I can take on an IMS?<\/h3>
Below are actions that are allowed to be taken in IMS:
\u00b7 Accept
\u00b7 Reject
\u00b7 Pending
Note:<\/strong> All records will automatically fall into the “No Action” category, and when the GSTR-2B is generated, records in this category will be considered approved.<\/p>Can I act on a document more than once?<\/h3>
Taking various actions on an invoice or record is possible before filling out the GSTR 3B. If a record has several actions, the most recent action precedes the earlier one. Nevertheless, the action will be stopped when the recipient files the relevant GSTR-3B.<\/p>
What happens to the original record if the provider changes it?<\/h3>
Before taking action on an amended record (through GSTR-1\/1A\/IFF), the original record must be addressed and the corresponding GSTR 3B filed if it falls under two distinct GSTR 2B return periods.
The system will not permit the receiver to save the action in IMS if they take action on the updated record beforehand. If the original and changed records are from the same GSTR-2B period, the action made on the amended records will take precedence over the original record.<\/p>
Which records are going to be taken into account when creating GSTR-2B?<\/h3>
As per the GSTR-2B cut-off date, all filed, accepted (no action would be deemed accepted), or rejected records will be considered for the preparation of GSTR-2B. Records saved but not submitted will be considered “no action” committed and treated as before saving to generate a GSTR-2B report.<\/p>
Will the reverse charge documents registered suppliers send in also be included in the IMS?<\/h3>
No, RCM invoices are not included in IMS; nevertheless, they will remain a part of GSTR-2B.<\/p>
What will I be able to view on the IMS as a taxpayer?<\/h3>
The IMS has two different views:
\u00b7\u00a0Recipient view:<\/strong> A recipient taxpayer can access all designated papers filed or stored by their specific supplier through a feature called “inward supply.” The recipient can then take action with these materials.
\u00b7<\/strong>\u00a0Supplier view:<\/strong> A supplier taxpayer can observe actions made by their respective recipient on all the designated documents using the “Outward supply” view. It will soon be made accessible.<\/p>What happens if the recipient rejects a record?<\/h3>
\u00b7<\/strong> If the recipient rejects the invoice or records it before the supplier fills out the GSTR 1, the supplier may amend it and file it with the same information. The recipient will have access to this amended record in the IMS to take appropriate action.
\u00b7 <\/strong>After the supplier fills out GSTR 1, if the recipient rejects it, the supplier must add, amend, or record the invoice\/record in GSTR-1A or a later GSTR 1\/IFF with the same information. The recipient can take action on the amended record by accessing it in the IMS.<\/p>What will happen to the IMS documents when the recipient files their GSTR 3B?<\/h3>
Upon submitting GSTR-3B for a specific period, all accepted and rejected records related to that particular GSTR-2B period will be deleted from IMS.<\/p>
What will happen to the documents that are kept pending in IMS?<\/h3>
Pending records shall remain in IMS until the designated cut-off date by section 16(4) of the CGST Act, 2017. Records will be deleted from IMS after the period specified in section 16(4) of the CGST Act has passed.<\/p>
Can I download all the data available in IMS?<\/h3>
Yes, it is possible to obtain the IMS data in Excel format.<\/p>
What is draft GSTR 2B?<\/h3>
Every month on the 14th, GSTR-2B will still be prepared using the same methodology as the current GSTR-2B, now referred to as draft GSTR 2B. This draft will include all rejected and accepted (or presumed accepted) records. Rejected records, in this case, are view only and won't go through GSTR-3B.<\/p>
Can I take any action after the generation of draft GSTR 2B?<\/h3>
Until the GSTR-3B is filed, the recipient will be permitted to act on any record found in the draft GSTR 2B. In these situations, the recipient of the GSTR-3B will need to recompute his GSTR 2B to account for activities performed after the 14th in his GSTR-3B.<\/p>
How many times can I regenerate GSTR 2B?<\/h3>
No limit exists on how often such GSTR-2B can be recomputed or regenerated before filling out GSTR 3B.<\/p>
What about GSTR-2B for quarterly taxpayers?<\/h3>
For quarterly taxpayers, the months M1 and M2 of the quarter will not generate GSTR-2B. On the other hand, re-computation of 2B will be permitted on or after the 14th of Q+1 month till the filing of the corresponding GSTR-3B. GSTR-2BQ for the quarter (M1, M2, and M3 combined) would be generated on that date. The reasoning for this will be the same for the monthly GSTR-2B and 3B.<\/p>
What will happen to GSTR-2A?<\/h3>
GSTR-2A will keep being created in its current form.<\/p>
Is it mandatory to recompute GSTR 2B?<\/h3>
If the receiver changes the IMS dashboard after the system generates the draft version of the form, GSTR 2 B must be recalculated.<\/p>
Can the supplier modify the place of supply in the GSTR 1?<\/h3>
Yes, the provider may modify the place of supply in the GSTR 1 within the time frame specified by the GST law. Furthermore, the recipient must reverse the ITC in Table 4B1 if the ITC becomes invalid due to a change in the supply source.<\/p>
What will happen if the recipient rejects the original amended Credit Note?<\/h3>
If the relevant liability will be added to the supplier liability in the GSTR 3B of the following tax period if the recipient rejects the credit note and provides the GSTR 3B.<\/p><\/ul><\/div>\n\n\n
Read our blog:<\/strong> How to Check the GST Registration Revocation Status?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The Goods and Services Tax Network (GSTN) released a recommendation to implement the Invoice Management System (IMS) as a new feature on the GST site on October 1, 2024. IMS seeks to create a communication channel between recipients and suppliers by adding a layer of document reconciliation and verification. At the 54th GST Council meeting, […]<\/p>\n","protected":false},"author":34,"featured_media":66770,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3467],"tags":[17,4469],"acf":{"service_id":"96"},"authorName":"Monisha Chaudhary","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/Monisha-Chaudhary-150x150.jpg","authorDescription":"Meet Monisha Chaudhary, a company secretary, and legal content expert with 15+ Years of Industry Experience. With a deep understanding of numerous legal domains, such as intellectual property and regulatory affairs, and decades of expertise in drafting legal blogs, she has consistently delivered informative articles. Her unique writing style has made her gain an immense following among legal researchers, lawyers, and CAs.","postViews":1945,"readingTime":10,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/66769"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=66769"}],"version-history":[{"count":5,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/66769\/revisions"}],"predecessor-version":[{"id":66810,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/66769\/revisions\/66810"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/66770"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=66769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=66769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=66769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}