Fynamics

GSTN has released a new advisory. Please read the details below :

Subject: Urgent Action Required: Submission of Bank Account Details for GST Compliance

Dear Taxpayers,

In compliance with the CGST Act, 2017, and its corresponding Rules, it is mandatory for all registered taxpayers to submit their bank account details within 30 days of registration grant or before the GSTR-1/IFF filing due date, whichever occurs earlier.

We urge those taxpayers who have not yet provided their bank account information to do so promptly. The 30-day period is swiftly approaching, and failure to comply may lead to disruptions in business activities, along with the subsequent suspension of GSTIN.

To streamline this process, a new functionality is under development with the following features, set to be deployed in the near future:

1. Failure to Submit Bank Account Details: a) Taxpayer registration will be suspended after 30 days, and an intimation in FORM REG-31 will be issued. b) The taxpayer will be debarred from filing any further GSTR-1/IFF.

2. 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.

3. Cancellation of Registration: If bank account details are not updated even after 30 days from the issuance of FORM REG-31, the registration after suspension may be considered for the cancellation process by the Officer.

We strongly urge all taxpayers to take immediate action to provide the necessary information and avoid any adverse consequences.

Thank you for your prompt attention to this matter.

Best Regards,

Team GSTN

The advisory can be accessed on the GSTN portal : https://www.gst.gov.in/newsandupdates/read/623