The Goods and Services Tax Network ( GSTN ) under the Central Board of Indirect Taxes and Customs ( CBIC ) has issued an important advisory for all Goods and Services Tax ( GST ) taxpayers about the mandatory requirement of furnishing valid bank account details before filing GSTR-1 or using the Invoice Furnishing Facility ( IFF ).
This requirement, enforced under Rule 10A of the Central Goods and Services Tax (CGST) Rules, 2017, will come into effect from September 1, 2024, as per Notification No. 38/2023 – Central Tax.
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According to the notification, all taxpayers must ensure that they have provided valid bank account information in their GST registration details. Failure to comply will prevent taxpayers from filing their GSTR-1 or IFF for the tax period of August 2024 onwards.
The advisory reiterates that under Rule 10A, taxpayers are required to furnish the details of a valid bank account within 30 days of obtaining GST registration or before submitting details of outward supplies in FORM GSTR-1 or via the IFF, whichever is earlier. Despite previous communications, many taxpayers have not yet updated their bank account details on the GST portal.
To facilitate compliance, taxpayers who have not yet provided their bank account details are urged to update their information by navigating to the “Services > Registration > Amendment of Registration Non-Core Fields” section on the GST Portal.
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The CBIC has made it clear that the absence of valid bank account details in GST registration will bar taxpayers from filing GSTR-1 or IFF from the August 2024 return period. This enforcement aims to streamline the registration and compliance processes, ensuring that all taxpayers are properly registered with their valid financial details.
Taxpayers are advised to act promptly to avoid any disruptions in their GST compliance activities starting from September 2024. For further assistance, taxpayers can reach out to the GST Network (GSTN) team.
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