The Goods and Services Tax Network (GSTN) has introduced a new feature where suppliers can see whether the buyer has accepted or rejected the invoice saved by the supplier on the GST portal. This feature is implemented inside the newly introduced Invoice Management System (IMS) on the GST portal from October 14, 2024. GST registered sellers or suppliers should note that since the introduction of IMS portal, GST registered buyers can accept or reject (or take no action) against invoices saved by sellers on the GST portal.

Accepting the invoice saved by sellers on the GST portal will enable the buyers (recipients) to claim input tax credit and at the same time help the seller file a correct GST return. Only when the invoice is accepted then the seller's GST return can be filed in accordance with the law and the correct amount of output tax liability can be calculated.

“To further facilitate the taxpayers, the Supplier View of IMS has also been made available where the action taken by their recipients on the records/invoices reported in GSTR-1/1A/IFF, will be visible to the suppliers in ‘Supplier View' functionality. This will help a supplier taxpayer to see the action taken on their reported outwards supplies and will help to avoid any wrong action taken by the recipient taxpayer,” said GSTN in an advisory dated November 13, 2024.

Source: The Economics Times