GSTR-1 Apply: GST taxpayers who do not provide details of a valid bank account will not be able to file outward supply returns GSTR-1 with GST authorities from September 1. GST Network (GSTN) has said this in an advisory.
According to GST Rule 10A, the taxpayer is required to submit details of a valid bank account within a period of 30 days from the date of registration, or before furnishing details of outward supply of goods or services or both in Form GSTR-1 or before using the invoice submission facility (IFF), whichever is earlier.
The new rule is coming into effect from September 1
In a consultation issued on August 23, GSTN said, “This rule is coming into effect from September 1, 2024. Therefore, for tax periods from August, 2024 onwards, taxpayers will not be able to file GSTR-01/IFF (as the case may be) without furnishing valid bank account details in their registration details on the GST platform.”
Also Read: New rules are being implemented for PPF, Sukanya Samriddhi accounts from October 1
The GST Council in its meeting in July last year had approved amendment in Rule 10A to strengthen the registration process and to effectively deal with the problem of fake and fraudulent registrations in Goods and Services Tax (GST).
Registered taxpayers will have to do this work
As per the amendment, a registered taxpayer was required to furnish details of his bank account containing his name and PAN within 30 days of receipt of registration or before filing details of outward supplies in Form GSTR-1/IFF (Invoice Furnishing Facility) (whichever is earlier). In an advisory, GSTN asked all taxpayers (who have not yet provided details of a valid bank account) to go to the GST platform and add their bank account details in their registration details.
The GSTN consultation said, “In the absence of valid bank account details in your GST registration, you will not be able to file GSTR-1 or IFF from the return period of August, 2024.”
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