 "New feature to fix errors in GST invoice matching for credit claims")
The Goods and Services Tax Network (GSTN) has introduced an invoice management system (IMS) on its portal, seeking to help taxpayers claim input tax credit (ITC) and reduce disputes. Invoice data entered by sellers in a specific form on the GST portal will automatically be reflected in the buyer's IMS.
IMS has been introduced under GST as a progressive step toward reconciliation and verification of input tax credit (ITC), said S R Patnaik, partner (head - taxation), Cyril Amarchand Mangaldas.
“The majority of notices being issued by the GST authorities nowadays pertain to mismatches in ITC,” said Manish Dubey, Partner at CorpAcumen Advisors.
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“…the Invoice Management System facility has been introduced on the GSTN platform, where the invoices filed by the suppliers in the forms GSTR-1/1A/IFF are visible to the recipient and can be accepted, rejected or kept pending at their end in order to correctly avail the input tax credit,” he said.
Features of Invoice Management System
The facility includes validation of invoices by taxpayers in real time and its seamless integration with the GST returns. The data/invoices updated on the IMS by the supplier can be accepted, rejected or kept pending by the recipient. It is to be noted that no action by the recipient will be treated as deemed acceptance of the invoice. The information accepted, rejected or deemed accepted gets automatically moved to respective sections of GSTR 2B which becomes the basis for availing of ITC.
Rahul Sateeja, partner at DMD Advocates, explained who needs to file GST annual by December 31, 2024
The due date for filing annual returns in Form GSTR-9 or Form GSTR-9A is December 31, 2024, for specific GST registered taxpayers. It is pertinent to note that an annual return can only be filed if your GSTIN is active during the financial year and all applicable monthly returns such as GSTR-1 and GSTR-3B have been duly filed. There are different forms/types of returns prescribed under GST law for different categories of taxpayers.
Taxpayers exempt from filing GST annual returns:
A casual taxable person. (Casual taxable person means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business.)
An input service distributor
Non-resident taxable person.
Specific class of taxpayer paying tax under Section 51 (TDS deductor) and Section 52 (TDS collector).
Registered taxpayer with annual turnover up to Rs 2 crore.
If the annual return is not submitted, late fee would be levied coupled with penalty.