New Functionality Developed to Address Failure in Furnishing Bank Account Details by Registered Persons within Stipulated Deadline under CGST Rule-10A: GST Advisory
In a recent update on January 23, 2024, the Goods and Service Tax Network (GSTN) has released Advisory-623, highlighting a new functionality within the GST system. According to the Advisory, this addresses instances of failure to furnish bank account details by registered individuals as outlined in CGST Rule 10A.
Mandatory Requirement of Bank Account Details Submission
All registered taxpayers must adhere to the CGST Act, 2017, and its corresponding rules, necessitating the submission of bank account details within 30 days of registration or prior to the GSTR-1IFF filing deadline, whichever comes first.
To prevent disruptions in business activities and the subsequent suspension of GSTIN, taxpayers are strongly advised to promptly provide their bank account details if the 30-day period is about to expire.
Upcoming Functionality Features
A forthcoming functionality is already developed, and its deployment is imminent. Key features include:
(i) Consequences of Non-Submission within the Stipulated Time:
a) Taxpayer Registration Suspension: After 30 days, failure to furnish bank account details will lead to the suspension of taxpayer registration. An intimation in FORM REG-31 will be issued to the taxpayer.
b) Debarment from GSTR-1IFF: Non-submission will debar the taxpayer from filing any further GSTR-1IFF.
(ii) Revocation of Suspension:
If the taxpayer updates their bank account details in response to the FORM REG-31 intimation, the suspension will be automatically revoked.
(iii) Registration Cancellation Procedure:
Failure to update bank account details even after 30 days from FORM REG-31 issuance may result in the initiation of the registration cancellation process by the Officer.
Urgent Action Required
Taxpayers are urged to take immediate action to provide the necessary bank account information and avert any adverse consequences. Stay compliant to ensure seamless business operations and compliance with the latest GST regulations.
To Know How to Verify Validity of SCN & Orders under GST CLICK HERE
To Access the Advisory-623 from the GST portal CLICK HERE
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