Detail Analysis of Invoice Management System IMS | New GST Return structure

To enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the Invoice Management System (IMS) is being brought up at portal. This will also facilitate taxpayer in matching of their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC) and shall allow the recipient taxpayers to either accept or reject an invoice or to keep it pending in the system, which can be availed later

This facility shall be available to the taxpayer from 1st October onwards on the GST portal

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Video Timeline
0:00 Intro to IMS in GST
0:47 GST structure in 2017
2:19 Invoice matching concept in GST
2:38 New GST Return structure from Oct 2024
3:21 GSTR 2B will be draft from oct onward
5:05 Detail Analysis of Invoice Management System IMS
7:45 Rejecting invoice in IMS effect in hand of recipient
9:12 Rejecting invoice in IMS effect in hand of supplier
9:56 Cases if invoice rejected by recipient will be added in 3B of supplier
23:53 Pending invoice in IMS
24:33 Accept invoice in IMS
25:06 Recomputed and Final GSTR 2B
28:14 IMS is mandatory or optional?
29:10 GSTR 2B will generate only if GSTR 3B of previous period filed
31:23 Outro

[Ayodhya_Darshan_Official]

Happy Teachers Day Sir 😊🙏
Thanks for educating us

[manukashyap]

Best youtube channel with clear all concepst vivek fintax pro

[sumeetfulzele]

Excellent Update, Thank you for Giving us a In-depth Clarity about IMS.

[faizanshaikh]

Thank You Sir.
This is very complex.
We get very detail explanation.

[gulammurtaza]

Sir video me 23:00 mint pr wakai badhiya reaction raha apka video apki bht achi hoti h. Masha Allah. Thanks sir ye sab smjhane k lyn. Government tax rate kab kam kregi ye kab la rahe h video.

[khushijain]

Very nicely explained...is there and maximum limit for marking the invoices as pending?...for how long can we mark invoices under IMS as pending?

[prafulpelnekar]

Thank you sir very helpful video & IMS Concept are be clear🤗❤

[eajazahmad]

Very nicely explained..
But WHAT TO DO WITH INELIGIBLE ITC..like purchase of a car, bike...

[dipanjandas-vtyw]

Good knowledge video & explanation❤❤❤❤❤

[saikishorenvs]

Hi, these procedures are good and acceptable for small traders, how can a company can manage this procedure for having lot of branches in a state and hold too many gstins on same pan?

[indugandass]

Sir what are the taxability of ULIP in AY 2024-25 ? A detailed video please

[RahulSingh-mlte]

What if I don't do anything? Will I be allowed to reverse the ineligible itc in GSTR-3B as earlier?

[unicomkolkata]

Sir- Sometimes E Invoice Raised With Mistake, But Recipient did not accept and later on credit note issued and both are rejected- then what will be the scenario

[Santosh]

Sir credit note hai wo 3b me automatic ITC calculation hoga ya mujhe wo itc kam karni hogi

[tapanmall]

Very nicely explained. But in all cases Dep benefited.

[Manoj]

I have filled revised return after defective return but refund received as per defective return and revised return still not processed and defective return notice is already submitted please guide..

[amrutchitragar]

Sir First Govt Said Facilities after one year mismatch notice will come

[bhaskarbahuguna]

Bank account not being validated on GST portal. can u please explain where is being mistake?

[msingh]

Ease of doing business gaya maje lehne 😂. Ab CA + GST lawyer bhi tyaar rakhna padega. Nirmala yeh kya kar diya tuneh

[mdamjad]

Please sir account finalization ka live practical video banaye jisme eik ya do example bhi ho.