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.
This story is from the December 22, 2024 edition of The New Indian Express Madurai.
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This story is from the December 22, 2024 edition of The New Indian Express Madurai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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