GSTN issued Advisory for Furnishing Bank Account Details
GSTN issued Advisory for Furnishing Bank Account Details
One significant requirement for registered GST taxpayers is the submission of their bank account details, as mandated by the CGST Act, 2017.
If you're a registered taxpayer, you must give your bank account information to the tax authorities within 30 days of getting registered or before the due date of filing GSTR-1/IFF, whichever comes first.
If you haven't provided your bank account details and the 30-day deadline is coming up, it's important to do so quickly. If you don't, it could disrupt your business and even lead to your tax registration being temporarily suspended.
A new functionality is being developed with the following features and will be deployed in near future:-
1. If you don't provide your bank account information within the given time frame:
• Your tax registration will be suspended after 30 days, and you'll receive a notice in FORM REG-31.
• You won't be able to file GSTR-1/IFF.
2. If you update your bank account details in response to the FORM REG-31 notice, your suspension will be automatically lifted.
3. If you still don't update your bank account details even after 30 days of issuance of FORM REG-31, the tax authorities may start the process to cancel your registration.
To avoid any problems, Taxpayers are required to take immediate action and provide the necessary bank account information as required by the law.Your proactive approach in fulfilling these requirements will contribute to your business's long-term success and compliance with the law.
The Advisory can be accessed at https://www.gst.gov.in/newsandupdates/read/623
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