FURNISHING OF BANK DETAILS
The Goods and Services Tax Act, 2017 came into force with
effect from 1.7.2017.
The GST Portal has issued an Advisory for furnishing bank
account details by registered taxpayers under Rule 10A of the Central Goods and
Services Tax Rules, 2017.
The
relevant advisory is given below for ready reference:
Advisory for furnishing bank account details by registered
taxpayers under Rule 10A of the Central Goods and Services Tax Rules, 2017.
23/01/2024
Mandatory
Bank Account Details Submission as per law:
All Registered Taxpayers are required under the provisions of CGST Act, 2017
and the corresponding Rules framed thereunder to furnish details of their bank
account/s within 30 days of the grant of registration or before the due date of
filing GSTR-1/IFF, whichever is earlier.
Taxpayers
are therefore advised to promptly furnish their bank account details, who have
not provided it so far if 30 Days period is shortly going to expire to avoid
disruption in business activities and the subsequent suspension of GSTIN.
A new
functionality is being developed with the following features and will be
deployed in near future:-
1.Failure to furnish
the bank account in the stipulated time: It would result into
following:
a) Taxpayer Registration
would get suspended after 30 days and intimation in FORM REG-31 will be issued
to the Taxpayer.
b) Get the Taxpayer
debarred from filing any further GSTR-1/IFF.
2.Revocation of
Suspension: If the taxpayer updates their bank account details in
response to the intimation in FORM REG-31, the suspension will be automatically
revoked.
3.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.
Taxpayers
are requested to take immediate action to provide the necessary information and
avoid any adverse consequences.
Thanking you,
Team GSTN