In an official advisory (No. 623) issued on 23rd January 2024, the Goods and Services Tax Network ( GSTN ) has emphasised the crucial requirement for registered taxpayers to furnish their bank account details under Rule 10A of the Central Goods and Services Tax Rules ( CGST ), 2017.
Under the provisions of the CGST Act, 2017, and the corresponding rules, all registered taxpayers are mandated to submit details of their bank accounts within 30 days from the date of registration or before the due filing date of GSTR-1/IFF, whichever occurs earlier.
To ensure compliance and prevent any disruptions in business activities, taxpayers who have not yet provided their bank account details are strongly advised to do so promptly, especially if the 30-day period is nearing expiration. Failure to comply may result in the suspension of GSTIN and subsequent debarment from filing GSTR-1/IFF.
To facilitate this process, a new functionality with specific features is currently under development and will be deployed in the near future.
KEY FEATURES
Cancellation of Registration: If the bank account details are not updated even after 30 days of issuance of FORM REG-31, the registration after suspension may also be taken up for cancellation process by the Officer.