The Goods and Services Tax Network (GSTN) on January 23, 2024, issued the Advisory for furnishing bank account details by registered taxpayers under Rule 10A of the Central Goods and Services Tax Rules, 2017.
The following has been stated namely: -
• All Registered Taxpayers are to furnish details of their bank account/s within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier.
• Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30-Days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN.
• The following features and will be deployed in the near future: -
1. Failure to furnish the bank account in the stipulated time would result in the following:
a. Taxpayer Registration would get suspended after 30 days and intimation in FORM REG-31 will be issued to the Taxpayer.
b. Get the Taxpayer debarred from filing any further GSTR-1/IFF
2. If the taxpayer updates their bank account details in response to the intimation in FORM REG-31, the suspension will be automatically revoked.
3. If the bank account details are not updated even after 30 days of issuance of FORM REG-31, the registration after suspension may also be taken up for cancellation process by the Officer.
