GST Taxpayers: Starting September 1, the Goods and Services Tax (GST) taxpayers who fail to provide their bank account details to GST authorities will be barred from filing their outward supply returns (GSTR-1), the GST Network (GSTN) announced in an advisory issued on Monday.
According to GST Rule 10A, taxpayers are required to submit valid bank account details within 30 days of registration or before filing their GSTR-1 or using the Invoice Furnishing Facility (IFF), whichever is earlier.
In an advisory dated August 23, the GSTN stated that the rule will be strictly enforced from September 1, 2024. The GST taxpayers who do not comply with the rule will be unable to file their GSTR-1 or IFF returns for the tax period of August 2024 and onwards unless valid bank account details are provided in their GST registration.
The amendment to Rule 10A was approved by the GST Council in its July 2023 meeting to combat fake and fraudulent registrations under the Goods and Services Tax (GST) regime. Under the amended rule, registered taxpayers must provide bank account details linked to their name and Permanent Account Number (PAN) within 30 days of registration or before filing their GSTR-1/IFF.
In the advisory, GSTN urged taxpayers who have yet to furnish their bank account details to do so by updating their registration information on the GST portal. Failure to comply will result in an inability to file outward supply returns from the August 2024 tax period.
The advisory also highlighted the importance of compliance, stating, "In the absence of valid bank account details in your GST registration, you will not be able to file GSTR-1 or IFF from the August 2024 return period onwards."