One of the most significant updates is the introduction of the Invoice Management System (IMS) by the Goods and Services Tax Network (GSTN), launched in October 2024.
This new system aims to enhance the accuracy and transparency of invoices, making it easier for businesses to claim Input Tax Credit (ITC) while improving overall compliance with GST regulations.
Although the IMS promises to streamline the invoicing process, it also raises several concerns regarding administrative burden, legal validity, and operational complexity.
One of the major concerns surrounding the new system is its legal foundation.
The IMS introduces processes similar to those proposed in the now-abandoned GSTR-2 and GSTR-3 forms, which were scrapped due to complexity.
Many businesses are questioning whether IMS has legal backing, mainly since it revives aspects of an earlier defunct system.
This raises the risk of legal disputes as businesses may challenge the system's validity.
It will be important to note that IMS provisions are not part of the statutory framework as of now, even as made optional by GSTN.
The deemed acceptance provision introduces the risk of businesses inadvertently accepting incorrect invoices.
Esta historia es de la edición December 22, 2024 de The New Indian Express Mangaluru.
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