Big Brother watching: Optional GST invoice reconciliation to be made mandatory
India may soon mandate the invoice management system for large transactions to curb tax evasion and enhance GST compliance. While it promises real-time tracking, experts caution about transition challenges, especially for small businesses.
NEW DELHI : An optional, online system to reconcile transaction details for availing GST credit may soon be made mandatory, according to two persons aware of the development. The invoice management system or IMS was introduced last October by the Goods and Services Tax Network (GSTN), the company that processes tax returns. It seeks to resolve the issue of businesses not getting tax credits because of either the seller not uploading the invoice in the GST portal or entering wrong details.
