Add support of remarks and ITC declaration in IMS

Recent changes in Govt Portal introduced the facility to keep credit notes pending in IMS for a limited period and ability to specify the amount of ITC reversal. To align Octa with these changes, Octa’s Inward IMS module has been updated for the following changes.

#Keeping Credit Notes Pending

You can now keep the credit notes pending for one tax period – one month for monthly filers, 3 months for quarterly filers. This facility is useful when the credit note has been issued by the supplier but it is not yet recorded in your books.

#Adding Remarks

You can now add an optional Remarks while rejecting or keeping any document pending. This remark will be reported in IMS and your supplier will be able to see this in their outward IMS.

#Declaration of ITC

There are some cases in which net ITC is reduced in GSTR-3B. Some of these cases are:

• Credit note
• Upward amendment of credit notes
• Downward amendment of invoices
• Downward amendment of debit notes

In the above cases, you can now declare how much ITC should be reduced in GSTR-3B. Octa will provide the following options for ITC declaration:

#Full

In this case, GSTR-3B will consider full ITC. Which means the full amount will be reduced in net ITC of GSTR-3B.

Example:

Document	Document No	Taxable Value	IGST	IMS Action	Declared ITC
Invoice	INV123	200	36	Accepted	NA
Credit Note	CN451	100	18	Accepted	Full

Net ITC in GSTR-3B = 36 - 18 = ₹18

#Zero

In this case, GSTR-3B will not consider any ITC reduction. This means net ITC of GSTR-3B will not be reduced for such documents.

Example:

Document	Document No	Taxable Value	IGST	IMS Action	Declared ITC
Invoice	INV123	200	36	Accepted	NA
Credit Note	CN451	100	18	Accepted	ZERO

Net ITC in GSTR-3B = 36 - 0 = ₹36

#Custom

In this case, you can declare the ITC. The ITC in GSTR-3B will reduced only to the extent specified by you.

Example:

Document	Document No	Taxable Value	IGST	IMS Action	Declared ITC
Invoice	INV123	200	36	Accepted	NA
Credit Note	CN451	100	18	Accepted	Custom: ₹12

Net ITC in GSTR-3B = 36 - 12 = ₹24