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 is 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.
Denne historien er fra December 22, 2024-utgaven av The New Indian Express Sambalpur.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 22, 2024-utgaven av The New Indian Express Sambalpur.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
RSPB vs WFI: Railway wrestlers may miss out on National Games
ONCE again the rift between the Railway Sports Promotion Board (RSPB) and Wrestling Federation of India (WFI) is set to jeopardise the future of grapplers.
Convincing victory for boxer Lakshya
DEFENDING champion Lakshya Chahar (80kg) gave a dominant performance to beat Railways' Sahil by a unanimous decision as boxers from traditional powerhouse Services Sports Control Board (SSCB) continued to dominate the senior men's National Championship.
Everton Reach Rd 4 in FA Cup
MANAGERLESS Everton advanced to the fourth round of the FA Cup after a 2-0 victory over third-division Peterborough on Thursday.
Iga, Sinner Discuss Doping Cases Ahead of Oz Open
IGA Swiatek, a self-described 'control freak,' is taking new precautions—including holding on to extra samples of medicine she takes, in case they need to be tested at some point—after a doping case she described Friday as \"probably, like, the worst time in my life.\"
Signs of promise & more from Satwik and Chirag
Indian duo post third victory in ongoing Malaysia Open to enter semis
Rawal rises in India's chase vs Ireland
AT one point in India's chase of 239 at Niranjan Shah Stadium in Rajkot, Pratika Rawal had the best seat in the house with captain Smriti Mandhana continuing her 2024 form with the bat.
Hard-fought win for TN Dragons in HIL
TAMIL NADU Dragons extended their winning run as they rode on goals from Karthi Selvam (16') and Uttam Singh (37') to earn a hard-fought win against the Bengal Tigers in an enthralling Hockey India League match at the Birsa Munda Hockey Stadium on Friday.
Jayant & Pravin's partnership helps TN capture Cooch Behar Trophy
TAMIL Nadu won the final of the Cooch Behar tournament on virtue of first innings lead over Gujarat.
Infy files counterclaim against Cognizant
Tussle Over Trade Secrets
Need common mechanism to track SME fund usage: SBI chief
THERE is an urgent need to develop a common mechanism to track the end-use of funds raised via debt and equity from capital markets by small and medium enterprises (SMEs) to give comfort to lenders and investors and make pricing more competitive, State Bank chairman CS Setty said on Friday.
