The Invoice Management System (IMS) Dashboard plays a crucial role in ensuring efficient tracking and management of inward supplies, simplifying the compliance process for businesses. Designed to capture records from forms submitted by suppliers or recipients, it helps taxpayers take necessary actions to reconcile their Input Tax Credit (ITC) with GSTR 2B and GSTR 3B returns.
Key Actions on IMS Dashboard
The dashboard offers three essential actions that taxpayers can take to manage their inward supplies records:
| Action | Description | Impact on GSTR 2B & GSTR 3B |
|---|---|---|
| Accept | Approve the record for claiming ITC | The record moves to GSTR 2B, reflecting in GSTR 3B for the relevant period. |
| Reject | Decline the record | The record moves to the “Rejected” section of GSTR 2B and is excluded from GSTR 3B. |
| Pending | Hold the record for future action | The record remains on the IMS Dashboard without being added to GSTR 2B or GSTR 3B. |
Deemed Acceptance & Key Exceptions
One of the key features of the IMS Dashboard is Deemed Acceptance. If no action is taken on a record before GSTR 2B is generated, the system automatically considers the record as accepted. However, there are certain cases where actions like “Reject” or “Pending” are restricted.
Not Allowed Scenarios:
- Credit Notes: You cannot keep credit notes pending unless specific downward amendments have already been accepted and reflected in GSTR 3B.
- BOE Amendments: The reject action is not permitted for Bills of Entry (BOE) or their amendments.
- Different Return Periods: If the original and amended records belong to different GSTR 2B periods, ITC adjustments only apply to the amended record.
Example Scenario
Imagine you received an invoice for professional services from a supplier in another state. Once you accept the invoice, it reflects in your GSTR 2B, allowing you to claim ITC. However, if the supplier later amends the invoice before filing, the status resets on your IMS dashboard. You must reprocess the record before filing GSTR 3B to ensure the changes are accurately reflected.
FAQs on the IMS Dashboard
Q1: What happens if I don’t act on a record?
A: The system automatically accepts the record as “Deemed Accepted” when GSTR 2B is generated.
Q2: Can I reject a Bill of Entry?
A: No, the rejection action is not allowed for BOEs or their amendments.
Q3: What if the supplier amends the record?
A: If a supplier amends a record before filing GSTR 3B, you must reprocess the record to ensure it reflects correctly in your returns.
Keeping Your Records Accurate: Recomputing GSTR 2B
To ensure compliance and accuracy, businesses must recompute their GSTR 2B from the IMS dashboard if any actions are changed. GSTR 2B is generated on the 14th of the following month, reflecting all actions taken on the IMS dashboard. If changes are made to previously accepted records, it’s mandatory to recompute GSTR 2B to avoid discrepancies in GSTR 3B.
Additionally, GSTR 2B will be generated sequentially, meaning that the GSTR 3B for a previous period must be filed before generating the GSTR 2B for the subsequent period.
Conclusion
Managing inward supplies with the IMS Dashboard simplifies the GST compliance process and provides businesses with a clear pathway for ITC reconciliation. By understanding the key actions available—Accept, Reject, and Pending—you can ensure that your GSTR 2B and GSTR 3B filings remain accurate and up to date. Stay vigilant about deemed acceptance, credit note amendments, and recomputing GSTR 2B to maintain error-free compliance.