It has become mandatory to provide details of a valid bank account for filing GSTR-1 from September 1, 2024. This rule has come under GST Rule 10A. That is, now no taxpayer will be able to file GSTR-1 without a valid bank account. The taxpayer will have to update his bank account details on the GST portal within 30 days of getting the registration.
New Delhi: Taxpayers will not be able to file GSTR-1 from September 1 without providing valid bank account information. 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 the 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 officials from September 1.
What did GSTN say in its advisory?
In a consultation issued on August 23, GSTN said, ‘This rule is coming into effect from September 1, 2024. Therefore, for the tax periods from August, 2024 onwards, taxpayers will not be able to file GSTR-01/IFF (as the case may be) without furnishing valid bank account details in their registration details on the GST platform.
The GST Council in its meeting in July last year approved the amendment to 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 has been amended?
As per the amendment, the registered taxpayer was required to submit the details of his bank account containing his name and PAN within 30 days of receipt of registration or before filing the details of outward supplies in Form GSTR-1/IFF (invoice submission facility) (whichever is earlier).
In the consultation, GSTN asked all those taxpayers (who have not yet provided valid bank account details) to go to the GST platform and add their bank account information to their registration details. The 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.’
