New Delhi, Nov. 9 -- Proposed changes to GST return reconciliation could make it easier for micro, small and medium enterprises (MSMEs) to correct genuine reporting errors, avoid unnecessary notices and reduce compliance costs, the Federation of Indian Micro and Small & Medium Enterprises (FISME) said.

The changes follow recommendations of the 57th GST Council meeting, with the Invoice Management System (IMS) playing a key role in the evolving framework, alongside structural reforms scheduled to take effect from April 2027.

The industry body noted that mismatches between supplier statements, buyers' input tax credit (ITC) statements and summary returns often lead to repeated reconciliation, particularly due to timing differences, credit...