How to Claim Input Tax Credit Using IMS?
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Are last minute inconsistencies in your GSTR-2B causing you pain? That chaos is eliminated with Invoice Management System (IMS). With IMS, you have 100% control over watching your supplier invoices in real time and can accept, reject or hold them to avoid any unintentional impacts on your returns. As a result, you will gain mastery over your ITC claims. Now we’ll explain how to claim ITC with IMS academically, so put on your thinking caps step by step. Step 1: Your supplier needing provisioning of invoices The initiation of an Input Tax Credit (ITC) claim starts off when a supplier equips his GSTR-1 or OFF with invoice details and the requisite documents. GSTR-1 uploads occur by the 11th of each month. Post these uploads, invoices are available in IMS and allow the user to monitor their invoice dashboard which shows invoices linked submitted against the GSTIN in GSTR1 for real time updates. Let’s consider an example where a supplier begins on 10th April and uploads an invoice of 10,000...