Attention, GST Taxpayers! Mandatory Bank Account Details Required from September 1
By: Admin | August 27, 2024 | Categories: GST Recent News | 4 Min Read
Starting September 1, 2024, GST taxpayers must furnish valid bank account details to file their GSTR-1 returns or use the Invoice Furnishing Facility (IFF). This update, announced in an advisory on August 23 by the GST Network (GSTN), emphasizes that without these details in the GST portal’s registration, taxpayers will be unable to submit their returns.
Key Points to Note:
- Bank Account Requirement: As per Rule 10A of the GST law, taxpayers must provide valid bank account details within 30 days from either the date of registration or before filing GSTR-1/IFF, whichever comes first.
- Impact: Failure to comply will result in the inability to file GSTR-1 returns or use the IFF.
- Action Required: Taxpayers should update their bank account information by navigating to Services > Registration > Amendment of Registration Non-Core Fields on the GST Portal.
What is GSTR-1?
GSTR-1 is a form used by businesses to file monthly or quarterly returns, detailing their outward supplies of goods and services. It includes information on sales, invoices issued, and other related transactions.
What is IFF?
The Invoice Furnishing Facility (IFF) allows businesses to upload invoice details instantly, facilitating more frequent reporting for those opting for quarterly GSTR-1 filing.
To ensure compliance and avoid disruptions in filing returns, taxpayers must update their bank account details promptly.
#GSTUpdate #GSTR1 #GSTCompliance #BankDetails #TaxFiling #GSTPortal #GSTN #BusinessNews
