HE Goods and Services Tax (GST) framework in India has undergone several changes since its inception in 2017. 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.
Legal validity of IMS 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 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.
Denne historien er fra December 22, 2024-utgaven av The New Indian Express Tiruchy.
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 Tiruchy.
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
Political novice, but a czar in running economy to take over as Canada's PM
CANADA's next prime minister has already helped run two Group of Seven economies in crisis and now will try to steer Canada through a looming trade war brought by US President Donald Trump, a threat of annexation and an expected federal election.
Authorities detect ₹1.95 lakh crore GST evasion this fiscal
UP, Bihar, MP received 36% of tax meant for sharing with states in FY24
History-sheeter Out on Bail Abducted, Hacked to Death in Tiruvannamalai
A history-sheeter from Vanarapettai near Puducherry, was found murdered near a lake in Neelanthangal village, Kilpennathur, Tiruvannamalai district, on Sunday night.
IndusInd networth takes hit due to derivative losses
PRIVATE sector lender IndusInd Bank has estimated an adverse impact of 2.35% on its networth, a company filing said on March 10.
Three Arrested for Brutal Attack on Dalit Student
Assailants, including minors, waylaid bus before targeting teen at Kettiyammalpuram
ED Raids on Baghel's Son in Liquor Case Spark Cong Protests in House
The Enforcement Directorate (ED) on Monday raided the Bhilai residence of former Congress CM Bhupesh Baghel as part of a money laundering investigation against his son in the alleged liquor scam case.
India Needs To Keep Its Deficit Target Flexible
HE Fiscal Responsibility and Budget Management Act mandates that India's fiscal deficit be limited to 3 percent of GDP.
Canada PM-elect to reset India ties
IN a big push to ties that had deteriorated during Justin Trudeau's leadership, Mark Carney, set to become Canada's next prime minister, has said he would work towards rebuilding his country's ties with India.
User-set limits, age-gating for gamers
WITH an aim to safeguard the interests of over 50 crore Indian gamers, three gaming industry bodies- the All India Gaming Federation (AIGF), the Federation of Indian Fantasy Sports (FIFS), and the E-Gaming Federation (EGF), have jointly adopted a code of ethics (CoE).
Israel to send delegation to Qatar for truce talks
ISRAEL said that it would send a delegation to Qatar on Monday \"in an effort to advance the negotiations\" around the ceasefire in Gaza, while Hamas reported \"positive signals\" in talks with Egyptian and Qatari mediators on starting negotiations on the truce's delayed second phase.