look news india
New Delhi: Taxpayers will not be able to file GSTR-1 without providing valid bank account details from September 1. GST Network (GSTN) has said this in an advisory. According to GST Rule 10A, the taxpayer is required to submit the details of a valid bank account within a period of 30 days from the date of registration. Or before submitting details of outward supply of goods or services or both in Form GSTR-1 or before using the invoice submission facility (IFF), whichever is earlier. That is, GST taxpayers who do not provide valid bank account details will not be able to file outward supply return GSTR-1 before GST authorities from September 1.
What did GSTN say in its advice?
In a consultation issued on August 23, GSTN said, 'This rule is coming into effect from September 1, 2024. Therefore, for tax periods from August, 2024 onwards, taxpayers will not be able to file GSTR-01/IFF (as the case may be) without submitting valid bank account details in their registration details on the GST platform.
The GST Council in its meeting in July last year had approved amendment in Rule 10A to strengthen the registration process and effectively deal with the problem of fake and fraudulent registrations in Goods and Services Tax (GST).
What amendments have been made?
As per the amendment, a registered taxpayer was required to furnish details of bank account in his name and PAN within 30 days of receipt of registration or before filing details of outward supplies in FORM GSTR-1/IFF (Invoice Furnishing Facility) (whichever is earlier).
In the consultation, GSTN asked all those taxpayers (who have not yet provided valid bank account details) to add their bank account information in their registration details by visiting the GST platform. GSTN consultation said, 'In the absence of valid bank account details in GST registration, you will not be able to file GSTR-1 or IFF from the return period of August, 2024.'
