GSTN Issues Advisory on Mandatory Bank Account Details for Filing GSTR-1/IFF
By: Admin | August 23, 2024 | Categories: GST Portal Updates | Important News | 4 Min Read
The Goods and Services Tax Network (GSTN) has released Advisory No. 513 on August 23, 2024, emphasizing the mandatory requirement for taxpayers to furnish valid bank account details before filing GSTR-1 or using the Invoice Furnishing Facility (IFF). This follows Notification No. 38/2023 – Central Tax, dated August 04, 2023.
Key Highlights:
- Compliance Requirement: As per Rule 10A of the Central Goods and Services Tax (CGST) Rules, 2017, notified on June 28, 2019, taxpayers must provide details of a valid bank account within 30 days of registration or before filing GSTR-1/IFF, whichever is earlier.
- Enforcement Date: Starting September 01, 2024, taxpayers who have not updated their bank account details will be unable to file GSTR-1 or IFF for the tax period August 2024 onwards.
Steps to Update Bank Account Details:
Taxpayers are advised to promptly update their bank account information on the GST portal by following these steps:
- Login to GST Portal
- Navigate to Services > Registration > Amendment of Registration Non-Core Fields
- Update Bank Account Details
Importance of Compliance:
Failure to furnish valid bank account details in the GST registration will result in the inability to file GSTR-1 or IFF from the August 2024 return period onwards. This advisory serves as a critical reminder for all taxpayers to ensure their bank account information is up-to-date to avoid disruptions in filing returns.
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