The Goods and Services Tax Network (GSTN) has recently issued Advisory No. 623 dated January 22, 2024, emphasizing the mandatory submission of bank account details by registered taxpayers under Rule 10A of the Central Goods and Services Tax Rules, 2017. This advisory holds crucial information for businesses, urging them to comply with the stipulated requirements to avoid disruptions in their operations.
Registered taxpayers are obligated to furnish their bank account details within 30 days of registration grant or before the due date of filing GSTR-1/IFF, whichever comes earlier. Failure to adhere to this requirement may lead to severe consequences, including the suspension of GSTIN and being debarred from filing further GSTR-1/IFF.
To facilitate this process, a new functionality is being developed with specific features to streamline the submission of bank account details. The upcoming features include:
Suspension for Non-Compliance
1. After 30 days, taxpayer registration will be suspended, and an intimation in FORM REG-31 will be issued.
2. The taxpayer will be barred from filing any further GSTR-1/IFF.
If the taxpayer updates their bank account details in response to the FORM REG-31 intimation, the automatic suspension will be revoked.
Failure to update bank account details even after 30 days of FORM REG-31 issuance may lead to the initiation of the cancellation process by the Officer.
Taxpayers are strongly advised to take prompt action to furnish their bank account details if they haven't done so already. This proactive approach is crucial to avoid adverse consequences such as business disruptions, GSTIN suspension, and potential cancellation of registration.
In conclusion, the GSTN Advisory No. 623 serves as a crucial reminder for registered taxpayers to comply with the mandatory submission of bank account details within the specified timeframe. Failure to do so could result in significant disruptions and consequences for businesses. It is imperative for taxpayers to stay informed, act promptly, and ensure compliance with the provisions of the CGST Act, 2017, and the corresponding Rules.
It is recommended that businesses stay updated on further developments and the deployment of the new functionality to ensure a seamless transition and compliance with the regulatory requirements laid out by the GSTN.
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