GST Credit Note Problem SOLVED! ✅| #shorts #GSTUpdate #CreditNote #ITC #GST #TaxProfessional #IMS

The Invoice Management System (IMS) processes B2B e-invoices, credit notes, and debit notes, which then flow into GSTR-2B. If a recipient takes no action, the documents are automatically accepted.
The main challenge this system addresses is with credit notes. Legally (under Section 15 of the GST Act), for a supplier to reduce their tax liability using a credit note, they must prove the recipient has reversed their corresponding Input Tax Credit (ITC). This was previously a major issue, often leading to notices for suppliers.
Starting October 2024, the IMS will include "Accept," "Reject," and "Pending" buttons. When a recipient explicitly "Accepts" a credit note, it provides the electronic proof needed to confirm the ITC reversal. This new feature resolves the long-standing problem for suppliers by simplifying the verification process.
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Видео GST Credit Note Problem SOLVED! ✅| #shorts #GSTUpdate #CreditNote #ITC #GST #TaxProfessional #IMS канала TaxByKK - GST Expert (Kaushal Kumar Agrawal)