What is GST IMS update October 2025?

The October 2025 GST Invoice Management System (IMS) updates introduced key features for better ITC control, including a "Pending" status for credit notes (for one period), partial ITC reversal flexibility upon accepting supplier credit notes, and new "Import of Goods" handling for Bills of Entry (BoE) with individual actions (Accept, Reject, Pending). These changes allow taxpayers to manage discrepancies like wrong GSTINs or values, add remarks for transparency, and ensure ITC reversal matches actual availment, simplifying compliance and reducing disputes.

Is IMS mandatory in GST from October 2025?

However the authorities may argue that Finance Act, 2025 + notifications+ portal readyness is sufficient to place IMS mandatory from 01/10/2025. An element of risk is involved, if it is not followed, despite Rule 60 is yet to be amended.

What are the new updates for GST in October 2025?

A significant compliance enhancement introduced from 1st October 2025 is the requirement to report TDS details invoice-wise in GSTR-7. Earlier, deductors could report consolidated TDS data, but now each transaction must be linked to the specific invoice on which tax is deducted.

What is the new IMS in GST?

The Invoice Management System (IMS) was introduced on the GST portal from the October 2024 tax period. It enables recipient taxpayers to accept, reject, or keep pending individual records uploaded by suppliers through GSTR-1/1A/IFF.

What is the extra GST payment in 2025?

Payment amounts are recalculated every July

For example, the information from your 2024 tax return determines the GST/HST credit amount you get for the payment period from July 2025 to June 2026. You could get up to: $533 if you are a single individual. $698 if you are married or have a common-law partner.

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Is there a GST payment in October?

The GST/HST credit payment period begins in July and ends in June of the following year: January and April payments. Based on your adjusted family net income from your 2024 tax return. July and October payments.

What is the one time payment for 2025?

As 2025 begins, many Canadians are closely watching their bank accounts for signs of additional financial support. One payment drawing attention is the CRA $680 one-time benefit, which is widely expected to be issued through direct deposit on January 8, 2025.

What is the GST collection for October 2025?

Gross GST collections for October 2025 work out to Rs. 1,95,936 crore, which is higher than last month's figures.

How to verify IMS in GST?

How to Use IMS in the GST Portal?

1. Step 1: Log into the GST Portal.
2. Step 2: Access Your Invoices in IMS.
3. Step 3: Review the Invoices.
4. Step 4: Managing pending invoices.
5. Step 5: Recomputing GSTR-2B.
6. Step 6: Filing GSTR-3B.

What is the latest GST update?

What will be the new 2025 GST rate structure? GST 2.0 reform abolished the old tax structure (5%, 12%, 18% and 28%). The council introduced the new 2-slab structure of 5%, 18% and 40% for demerit.

Can we keep Credit Notes pending in the IMS?

Under the new enhancement, taxpayers can now mark Credit Notes as 'Pending' for one tax period within the IMS. This feature allows taxpayers additional time to review, reconcile, and validate the Credit Notes before taking action on them in the subsequent tax period.

Is GST going to be 10%?

New GST Rate of 9% in 2024

Come 1 Jan 2024, the GST rate will be raised from 8% to 9%, as part of the two-step GST rate change announced by the Minister for Finance in Budget 2022. The first step from 7% to 8% had taken place earlier on 1 Jan 2023.

Is the GST going to be increased?

New GST Payment Increase Coming in 2026: What Canadians Need to Know. Canadian taxpayers will see a confirmed 2% GST payment increase in 2026, offering some welcome financial relief at a time when the cost of living remains high.

What are the recent changes to IMS tax?

The updated IMS enhances how taxpayers declare and reverse ITC. Businesses can now specify the exact ITC amount for each document and reverse only the relevant portion when needed. If no ITC has been claimed, no reversal is required. This ensures accurate ITC management, cleaner books, and fewer excess reversals.

Is IMS live on the GST portal?

The Invoice Management System (IMS) was first introduced on the GST portal in October 2024. It allows recipient taxpayers to accept, reject, or keep pending invoices uploaded by their suppliers through GSTR-1, GSTR-1A, and IFF.

Is IMS in GST compulsory?

Is the Invoice Management System mandatory or optional? Currently, IMS is optional. However, using it helps prevent compliance issues and prepares businesses for potential future mandates.

How to check IMS status?

I check IMS status using *#*#4636*#*# dial code, then 'Phone Information' then three dots and then 'IMS Service Status'. I'd like to hear your feedback on IMS/VoLTE registration with your mobile operator.

What is the new GST IMS system?

The Invoice Management System, or IMS, is a relatively new feature within the GST portal introduced in the late 2024 to allow recipient taxpayers accept, reject, or keep invoices pending when saved or filed by their supplier taxpayers.

Is GST going up in 2025?

Increase to 9%

In 2018, GST was planned to be increased from 7% to 9% sometime between 2021 and 2025. The primary justification for the rise was to accrue funds for future infrastructure projects and renovation of the existing infrastructure.

Will there be GST payout in 2025?

If the CRA determines that you are eligible for the GST/HST credit based on your 2024 tax return and that you will receive payments, you will receive a GST/HST credit notice in July 2025. It will show how much you will get and what information was used to calculate the amount.

Is there a one-off payment in 2025?

The government has confirmed that no further Cost of Living Payments are planned for 2025. This means there will not be a new payment (such as the rumoured £450 payment) this year.

Who is eligible for the $600 payment?

Adult Singaporeans aged 21 and above in 2026 will receive between $100 – $600 in cash payments from 5 December 2025 onwards under the enhanced Assurance Package (AP).

Who is eligible for one-time payments?

You will receive the one-time payment for older seniors if you: were born on or before June 30, 1947, and. were eligible for the Old Age Security pension in June 2021.