digital

CFO Insights :

Ensuring a Smooth Transition to IMS under GST

About

The introduction of the Invoice Management System (IMS) is a game-changer for businesses in the evolving landscape of GST compliance. CFOs and Finance Leaders must reassess their approach to GSTR-2B reconciliation and ITC claims. They must also revisit their current strategies, as traditional approaches and software tools may fall short in the face of new complexities.

IMS brings document-level accuracy to the forefront, impacting how you manage Input Tax Credit (ITC) claims and vendor payments. For businesses outsourcing their reconciliation work, IMS adds complexity that requires a deeper understanding of individual invoices, something third-party services may not be equipped to handle. Companies using standalone software solutions for just reconciliation but not GST reporting may find these tools redundant with IMS’s streamlined capabilities. Additionally, blocking payments to non-compliant vendors becomes simpler and more strategic.

Join our session to gain a competitive edge, understand the role of IMS, and learn how to leverage our advanced solutions and strategies for maximising ITC.

Key Takeaways :

  • Understanding IMS : Discover an overview of the new Invoice Management System and how it transforms GST compliance and reconciliation processes.
  • Impact on ITC Management : Learn how IMS impacts Input Tax Credit (ITC) claims and optimises credit availability.
  • Shifting Away from Outsourcing : Explore why IMS makes in-house reconciliation management more strategic than outsourcing.
  • Redundancy of Existing Software : Understand how IMS can replace the need for third-party reconciliation tools.
  • Managing Vendor Compliance : Gain insights on using IMS to make data-driven decisions for blocking payments to non-compliant vendors
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  • Adapting to the Post-IMS Era through Automation : Learn about our advanced automated solutions and their role in optimising your ITC claims while you can achieve compliance assurance.

Thought Leader :

Sumit Kawariya

Head of enterprise business & finance

Clear Tax

Speaker Bio :

Sumit Kawariya is a seasoned finance leader with experience across small, mid, and large companies, as well as startups. Starting his career as an Article Assistant, he quickly rose to play a key role at Flipkart, contributing to the acquisition of Myntra and overseeing crucial financial processes like Purchase-to-Pay and statutory compliance.