The GST Network (GSTN) has issued an advisory, urging all taxpayers who have not yet updated their valid bank account details to do so promptly on the GST portal. As per the recent amendment to GST regulations, registered taxpayers are now required to provide their bank account details, including the account holder’s name and PAN, within 30 days of obtaining registration or before filing the outward supply statement in Form GSTR-1 or using the Invoice Furnishing Facility (IFF), whichever comes first.
Effective from 1 September 2024, taxpayers who fail to furnish these bank account details will be prohibited from filing their GSTR-1 returns. This amendment, approved by the GST Council in its July meeting last year, aims to enhance the registration process’s integrity and curb the rising issue of fake and fraudulent GST registrations.
GSTN, in its advisory dated 23 August 2024, emphasised the importance of compliance with this requirement. Taxpayers are strongly advised to update their bank account information in their GST registration details to avoid any disruption in filing returns starting from the August 2024 tax period onward. Non-compliance will result in the inability to file GSTR-1 or IFF returns.
Vakilsearch can help taxpayers comply with the new GST regulations by assisting with the timely updating of bank account details on the GST portal. Our expert team ensures that all necessary information, including the account holder’s name and PAN, is accurately provided within the stipulated time frame, preventing any disruptions in filing GSTR-1 returns. By leveraging Vakilsearch’s services, taxpayers can stay compliant with GST requirements, avoid penalties, and ensure a smooth and uninterrupted filing process.
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