GSTN Issues Advisory Regarding Submission of Bank Account Details Under Rule 10A

In an advisory (No. 623) issued on January 23, 2024, the Goods and Services Tax Network (GSTN) has emphasized the crucial requirement for registered taxpayers to submit their bank account information by Rule 10A of the CGST Rules, 2017.

As outlined in the CGST Act, 2017, and its associated rules, all registered taxpayers must provide their bank account details within 30 days from registration or before the due filing date of GSTR-1/IFF, whichever occurs first.

To ensure compliance and prevent disruptions in business activities, taxpayers who still need to submit their bank account details are strongly advised to do so promptly, especially if the 30-day deadline is approaching. Failure to comply may result in the suspension of GSTIN and subsequent disqualification from filing GSTR-1/IFF.

To simplify this process, a new functionality with customized features is currently in development and will be introduced in the coming days.

Key Points:

If the bank account details are not provided within the specified timeframe, the following consequences will occur:

1. Beyond 30 days, the assessee's registration will be suspended, and they will receive an intimation in the form of REG-31.

2. The assessee will be barred from filing any further GSTR-1/IFF.

3. Suspension Revocation: The automatic suspension will be lifted if the taxpayer updates their bank account information after receiving the REG-31 notice.

4. Registration Cancellation: Failing to update bank account details within 30 days of receiving REG-31 may prompt the Officer to initiate the cancellation process for the suspended registration.

Also Read: Understanding Section 80G: A Guide to Income Tax Savings