- Finance Bill 2025-26 expected to amend GST Act
- Invoice Management System (IMS) to be incorporated into legal framework
- IMS introduced on GST portal in November 2024
- IMS aims to reduce errors and prevent fake invoicing
- IMS will remain optional after amendment to GST Act
- CGST Rules, 2017 to be updated to support IMS
- IMS will validate invoices in real time to prevent discrepancies
- Special drives in 2024 detected significant GST evasion due to fake invoicing
- IMS expected to prevent revenue loss from fake invoicing
- IMS will enable real-time cross-verification of supplier and recipient data
- Proposed changes aim to improve ITC and provide legal basis for FORM GSTR-2B generation
Source: a2ztaxcorp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
