Bank Account Mandatory for Filing from September 1
The GST Network (GSTN) has issued a crucial advisory regarding the Goods and Services Tax process, effective September 1, 2024. From this date, taxpayers who have not furnished valid bank account details will be barred from filing their GSTR-1 or utilizing the Invoice Furnishing Facility (IFF). This move aligns with the Modi administration’s commitment to strengthening the registration process and curbing fake and fraudulent registrations in India’s taxation system.
As per GST Rule 10A, a taxpayer is mandated to provide details of a valid bank account within 30 days of registration or before filing the statement of outward supplies in Form GSTR-1 or IFF, whichever is earlier. Failure to comply with this requirement will prevent the taxpayer from filing returns for the August 2024 tax period and beyond. The GST Council had approved this amendment in its July 2023 meeting, emphasizing the importance of valid bank accounts in the registration process.
Mandatory Bank Account Information for Compliance
In the recent advisory dated August 23, the GSTN urged all taxpayers who have not yet updated their bank account information in the portal to do so immediately. Without this information, taxpayers will be unable to file their GSTR-1 or use the IFF, potentially facing penalties and disruptions in their business operations.
This enforcement is part of the broader strategy by the Modi administration to enhance the efficiency and reliability of the taxation system in India. It is also intended to address issues related to the generation-skipping transfer tax and other complexities within the framework.
FAQs
Can we file a return without adding a bank account?
No, from September 1, 2024, taxpayers without a valid bank account in their registration will be unable to file GSTR-1 or utilize the IFF.
Can we apply without a bank account?
No, providing valid bank account details is a mandatory requirement under Rule 10A for obtaining registration.
Which banking services are exempt?
Certain banking services are exempt, including interest on loans and advances, certain savings account services, and services provided by the Reserve Bank of India.
Taxpayers are advised to ensure compliance with these regulations to avoid any operational disruptions and to stay updated on any further advisories issued by the GSTN or the GST Council.
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