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 Tadepalligudem.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 22, 2024 edition of The New Indian Express Tadepalligudem.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
I Know How to Play Real Characters
Jennifer Lopez speaks to Katie Ellis on how Unstoppable made her realise that she can overcome anything in life
Of Our Non-violent Ancestors
Pattanaik provides a comprehensive insight into the mysterious world of the Harappan civilisation
The Corrosive Power of Pride
Pride fosters a sense of superiority that harms relationships, distorts the mind, and impedes personal and spiritual growth
Market on the Sands
The Rathgama Wella Fish Market
Market on the Sands
The Rathgama Wella Fish Market
Stop Inane and Diversionary Debates, and Focus on What Really Matters
Acute Angle
Stepping Across the Worry Lines
The Raghu Dixit Project launches a new album Shakkar as a vernacular statement about India and diversity
Every Woman's Brushstrokes
A beautiful blue and pink-hued sky surrounded by lush greenery. Within this is a tree with specks of orange and yellow, besides which is a bed where a woman is sleeping her flowing tresses falling into the foliage.
Untangled Threads He Weaves
An embroiderer who grew up poor is a celebrity in demand with collectors and artists
Untangled Threads He Weaves
An embroiderer who grew up poor is a celebrity in demand with collectors and artists
