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 Kannur.
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 Kannur.
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
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).
Special Forces in Kyrgyzstan for military exercises
THE special forces of India and Kyrgyzstan began a fortnight-long Joint Military Exercise, Khanjar-XII, on Monday at Tokmok, Kyrgyzstan.
Age Increases Risk of Prostate Ailments
Prostate health can be influenced by several factors, some of which are beyond our control, such as age and genetics.
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.
Kasaragod's Thalangara cap fading into oblivion
THE Thalangara cap, a heritage symbol that once boosted the district's artistic reputation, is facing extinction.
Wanted by FBI, Punjab Police Arrest Indian-Origin Drug Network Kingpin
PUNJAB Police on Monday arrested an Indian-origin international drug lord, Shehnaz Singh alias Shawn Bhinder, wanted by the Federal Bureau of Investigations (FBI) of the US.
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.
Diabetic patients must undergo eye screening regularly
SHA (name changed), 62, was experiencing sudden and painless loss of vision in the right eye for one day when she turned up at the out-patient department.
Ola Electric Shares Lose Two-Thirds of Value From 52-Week Highs
OLA ELECTRIC MOBILITY is witnessing a decline in its share price, losing two-thirds of its value since its peak in August 2024.
Mushrooms of Bengal forest?
USHROOMS found in the forests of Bankura and Birbhum in West Bengal could become a game-changer in cancer treatment.
