GST Update: The Council had approved these amendments in its meeting in July 2023 to strengthen the registration process, in which it was made mandatory to provide details of bank account with name and PAN.
GST Update: GST (Goods & Services Tax) paying GST taxpayers who do not submit their valid bank account details to the GST Authority, then such taxpayers will not be able to file outward supply return GSTR-1 from September 1, 2024. GST Network has said these things by issuing an advisory.
According to Rule 10A of GST, taxpayers are required to provide details of valid bank account within a period of 30 days from the date of registration or before submitting 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.
GSTN said in an advisory issued on August 23, this rule is coming into effect from September 1, 2024. Therefore, for the tax period after August 2024, taxpayers will not be able to file GSTR-01 / IFF without providing valid bank account details in their registration details on the GST portal.
The GST Council in its meeting in July last year approved the amendment to Rule 10A to strengthen the registration process and effectively deal with the problem of fake and fraudulent registrations in Goods and Services Tax. According to this amendment, registered taxpayers will be required to provide details of their bank account with their name and PAN within 30 days of receiving the registration or before filing the details of outward supplies in Form GSTR-1 / IFF.
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In the advisory, GSTN has asked all those taxpayers who have not yet provided valid bank account details to go to the GST portal and add their bank account information to their registration details. According to the GSTN advisory, in the absence of valid bank account details in the GST registration, you will not be able to file GSTR-1 or IFF from the return period of August, 2024.
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