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of <h1>New Invoice Management System Launches for Streamlined ITC Claims; Affects GSTR-2B from Oct 2024, Offers Flexible Invoice Actions.</h1> The Invoice Management System (IMS) is now available to taxpayers to facilitate matching invoices with suppliers for accurate Input Tax Credit (ITC) claims. Taxpayers can accept, reject, or defer invoices within the system, impacting their GSTR-2B statements starting from October 2024. Actions on invoices can be adjusted until GSTR 3B filing. It is not mandatory to act on IMS records; unacted records are considered accepted. Incorrectly rejected invoices can be reaccepted to claim ITC. Credit notes cannot be kept pending, and rejected credit notes increase the supplier's liability in subsequent tax periods.
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