Introduction of "Pending" Option for Credit Notes and declaration of Reversal amount in IMS

IMS Update: New "Pending" Option for Credit Notes and Flexible ITC Reversal

The Invoice Management System (IMS) on the GST portal has been updated with a new feature to provide taxpayers with more flexibility in handling credit notes.

Key enhancements include:

• "Pending" Option: Taxpayers can now keep credit notes in a "Pending" status for one tax period.
• Flexible ITC Reversal: Upon accepting a credit note, taxpayers can now modify the associated Input Tax Credit (ITC) reversal amount.

This update is designed to help businesses better manage their ITC and resolve potential disputes with suppliers more effectively. For a deeper understanding of this new facility, please refer to the Frequently Asked Questions (FAQs) available here: https://tutorial.gst.gov.in/downloads/news/creative_faq_on_gstr9_for_24_25_dt_15_oct_25_v6_final.pdf

Originally published at: https://services.gst.gov.in/services/advisoryandreleases/read/631