CEVIOUS was founded in 2009 in Delhi, having 14+ years of experience as a 5-Star Tally Sales,

In the realm of   GST compliance , timing and ambiguity are of great importance. Every single invoice impacts your ITC calculations – which affects your monthly returns. A business’s expenses under ITC also include ambiguous   invoices   that have some semblance of eligibility. For the sake of example, if there is no explicit clarity, ITC is claimed on an invoice which later turns out to be ineligible. This results in credit, but an excess incentive credit, thus resulting in interest payment. Such actions from the latest IMS in GST are beneficial. Instead of rushing to settle invoices with a need for deeper examination or critique, you can solve them later without any imposing time constraint. Marking such invoices as Pending enables pausing action and pre-emption of unwanted resolution. This ensures that payments don’t get affixed to invoices in GSTR-2B or their ITC pool. We are going to cover in detail what Pending invoices entail, why you may want to mark them, and why...

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...