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Udeetta Sarma

September 28, 2024

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Basics of GST

‍How to Change Bank Details in GST Portal: A Complete Guide

GST (Goods and Services Tax) is a straightforward comprehensive indirect tax that has transmuted the Indian tax system. GST businesses are advised to keep their details up to date on the GST portal so that the process of operations and compliance runs smoothly. One piece of information they receive is your bank account. This information may need to be updated as businesses grow or preferred banking changes.

If you want to know how to change bank details in the GST portal, then you are at the right place. Using this guide we will be discussing every step related to how you can update your bank details in the GST portal also check whether the bank account is being updated or not. We'll also be explaining ways with which a New Registrant can enter a Bank account in the GST portal and even link multiple accounts.

Why Is It Important to Keep Your Bank Details Updated?

For the following reasons, it is important to Keep Updated your bank details in the GST portal :

1. Refunds Processing

All refunds (GST, i.e., ITC refund and excess payment of tax) will get credit in the bank account linked to your GST Portal. Delayed refunds, refunds are processed so quickly for innovations such as e-filing that incorrect or outdated information can cause the process to stop short.

2. Compliance

Latest and correct banking details of the registered person are mandatorily required to ensure efficiency, transparency and compliance with GST laws under GST.

3. Audit and Scrutiny:

So whenever there is an occurrence of GST audit/scrutiny at that time if proper and exact bank detail is available it makes the process smooth and clear without having any unnecessary blockage.

4. Legal Requirements

Providing a wrong bank account number can result in notices from tax authorities or penalties for non-compliance as well as defective filing of the return.

Steps to Change Bank Details in the GST Portal

Updating bank details at the GST portal is easy and simple. But to avoid errors or rejections, you must follow the process correctly. Update Bank Details in the GST Portal by following these Step-by-step instructions:

Step 1: Log in to the GST Portal

1. Go to the official GST portal.

2. Here you have to fill in your details: enter your GSTIN(Goods and Services Tax Identification Number), username and password.

3. Enter the CAPTCHA verification and click on 'Login' to continue.

Step 2: Navigate to the "Amendment of Non-Core Fields" Section

1. Click on ‘Services' from the dashboard once you are logged in.

2. In Services click on Registration under Amendment of Registration Non-Core Fields.

Non-core fields: If the tax authorities do not need to approve changes to a field, the field is considered non-core. It includes bank account information.

3. This will take you to the ‘Amendment of Registration’ page, here different tabs are visible- which are divided as per the aspects of your business.

Step 3: Access the Bank Account Tab

1. Choose one of the options and then click on the Bank Accounts tab. This tab holds all the bank accounts that are enrolled against your GSTIN.

2. Click on the Bank account that you would like to edit and change existing bank details If you want to add a new bank account instead.

Step 4: Update the Bank Account Details

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1. Update necessary bank details that require a change. The details that need to be filled out currently are Account number, Account type(Savings/ Current), Bank name, IFSC code and Branch name.

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2. Upload supporting documents:

- You’ll need to upload proof of your bank account. The preferred documents include:

- A copy of a cancelled cheque.

- A recent bank statement showing the account holder's name, IFSC code, and other details.

- A first page of the passbook with clear details.

You will need to upload the document in PDF or JPEG format, with a maximum size of 100KB Whenever you write an essay, good quality material is very essential to prevent refusal of the form.

Step 5: Verify the Changes and Submit

1. Once you have made the necessary changes, review all details carefully to ensure accuracy.

2. After confirming the updated information, click the ‘Save’ button to proceed.

Step 6: Verification Through Digital Signature (DSC/ EVC)

To complete the process, you’ll need to verify the changes using a Digital Signature Certificate (DSC) or Electronic Verification Code (EVC). This step adds a layer of security to the process.

- For companies: It is mandatory to use a DSC.

- For proprietorships and partnerships: You can verify through EVC sent to your registered email or mobile number.

Once verification is complete, the request to change bank details will be processed.

Step 7: Approval and Confirmation

After submission, the GST portal typically processes the request within 15 days. You will receive a confirmation on the portal as well as via registered email and SMS once the bank details are updated. You can also track the status of your amendment request in the ‘Track Application Status’ section under ‘Services.’

How to Add Bank Account in the GST Portal

In addition to changing your bank details, you may need to know how to add a bank account in the GST portal, especially if you're a new GST registrant or want to link multiple accounts for your business. Following are the steps to add a bank account in the GST portal :

Step 1: Access the Bank Accounts Tab

Follow steps 1 and 2 mentioned in the section above. After accessing the ‘Bank Accounts’ tab:

Step 2: Add a New Bank Account

1. Now instead of editing the current accounts, click on ‘Add New’.

2. Provide the account number, Account Type, Bank Name, IFSC code and Branch Name for new bank details.

Step 3: Upload Supporting Documents

Similar to changing bank details, you will be required to upload a document for verification. This could be:

- A cancelled cheque

- A bank statement

- Front page of passbook

Step 4: Verification and Submission

After entering and verifying the fresh bank account details, submit the form & verify it via DSC or EVC. The request will be processed through the standard time frame of a portal and you can expect to get a text/ email confirmation of your inquiry.

Common Issues and Troubleshooting

When you are changing or adding bank details on the GST portal, you might get into trouble like :

1. Rejected Applications:

If your application is rejected, then it may be because the information you entered was incorrect or the supporting documents were not clear. Review All Info and Resubmit with More Clear Files

2. Slow Processing:

Although approvals are usually in just 15 days, there are few cases where processing goes longer. Be done and dusted Check the status of Recruitment via WhatsApp Or Contact GST to resolve[minimal] Code Get it Solved.

3. Issue with your DSC:

If problems arise with your DSC, you should check if it is properly downloaded/installed on your computer and make sure that it is updated. EVC can also be used to enforce changes if it so relates.

4. File Size:

If you were unable to upload the documents, that might be due to the size of the document being greater than what the portal allows (100 KB) Please compress your files with a compression tool before uploading.

Conclusion

For the companies in India, keeping their bank information correct and updated on the GST portal is of immense amount of importance. At the GST portal, it is quite user-friendly to update bank details or add a new bank account whether you are required to change the existing webhook or add new ones. By taking steps such as these on how to change bank details in the GST portal or how to add a bank account in the GST portal, you can ensure your business stays compliant while preventing any hitches in transactions or refunds.

Also, one should have the bank details updated and monitor their application status on the GST portal in case they need to follow up. You may experience some of the glitches, in that case, use the GST helpline to troubleshoot.

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FAQs

Can I change bank account details in GST portal? Yes, you can change bank account details in the GST portal through a non-core amendment in registration.

How to update bank account details in IT portal? You can update bank account details in the Income Tax portal under the “Profile” section by adding or editing bank information.

How to check bank details in GST portal? Bank details can be checked in the GST portal under the “Registration” tab in the taxpayer’s profile.

What is the time limit for GST bank account update? Bank account details must be updated within 45 days from the date of GST registration approval.

Can we file GST return without updating bank details? Yes, GST returns can be filed without updating bank details, but refunds will not be processed until details are updated.

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1. How can I change my bank details in the GST portal?

The process is simple, just log in to the GST portal, click on 'Amendment of Registration Non-Core Fields', choose the 'Bank Accounts' tab, provide new bank details and verify through DSC / EVC.

2. What documents are needed to update my bank details on the GST portal?

For proof of your bank account, you must provide a cancelled cheque, a recent bank statement or the first page of your passbook.

3. How long does it take for the new bank details to be updated in the GST portal?

It usually takes up to 15 days for the changes to be approved, and you'll receive confirmation via email or SMS.

4. Can I add multiple bank accounts in the GST portal?

You can add multiple accounts by clicking on the 'Bank Accounts' tab. Simply click on Add New to enter details for other accounts you have.

5. What should I do if my application to change bank details gets rejected?

Double-check that the information you entered is correct and your documents are clear, then resubmit the application with the necessary corrections.

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