GST Portal Rolls Out facility to Provide Details for Import of Goods
Businesses can now record entries of their imports in the Invoice Management System (IMS) under GST. According to the tax department, it will ease the compliance of a GST assessee.
An advisory issued by the GST Portal states, “A new section for ‘Import of Goods’ has been introduced in IMS wherein the Bill of Entry (BoE) filed by the taxpayer for import of goods including import from SEZ, will be made available in the IMS for taking allowed action on individual BoE.” This functionality will be active from Oct-2025 period onwards, it further added.
GST is a self-assessment-based tax regime. Taxpayers are required to ascertain their ITC eligibility in line with the law and relevant rules. If the GSTIN in a Bill of Entry (BoE) has been amended, and the previous GSTIN (G1) already availed Input Tax Credit (ITC) on that BoE, the previous GSTIN must reverse the ITC amount availed. As a result, the entry for reversal of ITC due to an amendment in GSTIN in BoE will be shown to the previous GSTIN (G1).
However, as per the advisory, there is also an option for the previous GSTIN to declare the amount of ITC that needs to be reversed. This applies to cases where the ITC has already been reversed, partially or fully, by the previous GSTIN. The declared amount should not exceed the original value as per the Bill of Entry.
If no action is taken on an individual BoE, it will be treated as deemed accepted. Based on the action taken, the GST Portal will generate the draft GSTR 2B for the recipient on the 14th of the subsequent month. IMS came into existence from October 2024. It allows recipient taxpayers to accept, reject, or keep pending records of individuals updated by suppliers through GSTR-1/1A/IFF. This functionality lets recipient taxpayers manage their inward supplies on the GST Portal by taking actions on individual records.
According to the GST Network, recipients are not obliged to take action as IMS is an optional functionality. If no action is taken, all transactions in IMS will be taken as deemed accepted. Reverse charge and import-related entries (i.e. from ICEGATE and DGFT portals) will flow directly to Form GSTR-2B and will not be a part of IMS, it said. This system aims to facilitate taxpayers in matching their records/invoices vis-à-vis those issued by their suppliers for availing the correct Input Tax Credit. Taxpayers can use this facility to seamlessly accept, reject, or keep invoices pending in the system so that they can avail it later or when required.
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