How to Update Bank Details on GSTN Portal GST Refund Application?

GST or Goods and Services Tax is a comprehensive indirect tax that has been implemented on 1st July 2017 in India. GST has replaced several indirect taxes like VAT, Service Tax, Excise Duty, etc. GST is a destination-based tax that is levied at every stage of the supply chain. Every individual or business that is registered under GST needs to file GST returns regularly. In case any excess taxes are paid, then the taxpayer can claim a refund of such taxes from the GST department. The refund is credited to the taxpayer's bank account directly. Hence, it is important to have the correct bank details updated on the GSTN portal and the GST refund application.

Why is it important to update Bank Details on GSTN Portal GST Refund Application?

It is important to update the bank details on the GSTN portal and GST refund application to ensure that the refund amount is credited directly to the correct bank account. In case the bank details are not updated correctly, the refund amount may get credited to any other bank account. Updating bank details is also important for receiving payments from customers. Hence, it is essential to update the bank details on the GSTN portal and GST refund application.

Steps to Update Bank Details on GSTN Portal GST Refund Application

Follow the below-mentioned steps to update bank details on the GSTN portal and GST refund application:

1. Login to GSTN Portal and go to the ‘Services’ tab.

2. Select the ‘User Services’ sub-menu and click on ‘My Profile’.

3. Click on the ‘Edit’ button to edit your profile details.

4. Scroll down to the ‘Bank Accounts’ section and click on ‘Add New’.

5. Enter your bank account details like Account Number, Bank Name, IFSC code, etc.

6. Click on the ‘Save’ button to save your bank details.

7. After saving the details, it will be sent for verification to the GST department.

8. Once the bank account details are verified, you can see them in the ‘Bank Accounts’ section.

After updating the bank details on the GSTN portal, you also need to update the bank details on the GST refund application. Follow the below-mentioned steps to update bank details on the GST refund application:

1. Login to the GST refund application using your registered credentials.

2. Select the ‘Payment Details’ tab and click on ‘Edit’.

3. Enter your bank account details like Account Number, Bank Name, IFSC code, etc.

4. Click on the ‘Save’ button to save your bank details.

5. After saving the details, it will be sent for verification to the GST department.

6. Once the bank account details are verified, you can see them in the ‘Bank Accounts’ section.

Conclusion

Updating bank details on the GSTN portal and GST refund application is a simple process that needs to be done to ensure that the refund amount is credited to the correct bank account. The steps mentioned above need to be followed carefully to update the bank details correctly. It is important to keep the bank details up-to-date to receive payments from customers and to claim refunds from the GST department.