GSTN Issues Advisory On How To Add Valid Bank Account Details On GST Portal

The Goods and Services Network (GSTN) has issued advisory on furnishing bank account details to avoid suspension of their GST Registration and disruption of business activities. As changes with respect to Rule 10A will be implemented on the GST Portal soon, GSTN clarified that taxpayers who have not yet furnished the bank account details till date to do so at the earliest. As per Rule 10A, taxpayers are required to furnish valid bank account details within a period of 30 days from the date of grant of GST registration or before furnishing the details of outward supplies of goods or services or both in Form GSTR-01 or using Invoice Furnishing Facility (IFF), whichever is earlier. In an August 23, 2024, advisory GSTN clarified that the said Rule 10A was enforceable from September 01, 2024. “Now, from 01st September, 2024 this rule is being enforced. Therefore, for the Tax period August-2024 onwards, the taxpayer will not be able furnish GSTR-01/IFF as the case may be, without furnishing the details of a valid Bank Account in their registration details on GST Portal. 4. Therefore, all the taxpayers who have not yet furnished the details of a Bank Account are hereby requested to add their bank account information in their registration details by visiting Services > Registration > Amendment of Registration Non - Core Fields tabs on GST Portal. After adding bank account details, taxpayers can proceed to file their GSTR-1.Upon furnishing the details of the bank account, the taxpayer will be able to furnish his GSTR-1/IFF. 5. The bank account details of all taxpayers including those whose account details are pending for validation, shall be validated subsequently post filing of GSTR-1/IFF.” Click Here To Read/Download The Advisory

GSTN Issues Advisory On How To Add Valid Bank Account Details On GST Portal

Parul Bose

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