News

Published: August 27, 2024
Updated: August 27, 2024

GST Taxpayers Face Deadline: Furnish Bank Details or Risk GSTR-1 Filing Halt

Registration Requirements Tightened

The Goods and Services Tax Network (GSTN) has announced a crucial deadline for GST taxpayers. Those who fail to provide valid bank account details will be barred from filing their outward supply return, GSTR-1, starting September 1.

New Rule Enforcement

GST Rule 10A mandates taxpayers to furnish bank account details within 30 days of registration or before filing GSTR-1/Invoice Furnishing Facility (IFF). This rule, approved by the GST Council in July last year, aims to strengthen the registration process and combat fake registrations.

Impact on Taxpayers

Taxpayers without valid bank account details in their registration will be unable to file GSTR-1/IFF from the August 2024 return period. The GSTN advisory urges taxpayers to add their bank account information to their registration details on the GST portal to avoid disruptions.

Action Required

To avoid any issues with GSTR-1 filing, taxpayers must:

- Furnish valid bank account details with their name and PAN
- Update their registration details on the GST portal
- Complete this process before September 1, 2024

The GSTN's move aims to enhance the integrity of the GST registration process. Taxpayers must act promptly to provide required bank account details and avoid any potential disruptions to their GSTR-1 filing.