The GST Council acknowledged the ongoing improvements to the current GST return system. Key enhancements include the introduction of:
• RCM Ledger
• Input Tax Credit Ledger (ITC) Reclaim Ledger.
• Invoice Management System (IMS)
Taxpayers will have the option to declare their opening balances for these new ledgers by October 31, 2024.
The Invoice Management System (IMS) will enable taxpayers to manage their invoices by accepting, rejecting, or keeping them pending for the purpose of claiming Input Tax Credit (ITC). This system is designed to be an optional tool for taxpayers, aimed at reducing errors in ITC claims and improving reconciliation processes. By using IMS, taxpayers can expect a reduction in notices related to ITC mismatches in their GST returns.
Pushkar Mer 