From 01st September 2024, GSTR 1 can not be filed if bank details are not updated on the portal!

As per Rule 10A of the CGST Rules, 2017, a taxpayer should update his bank details on the GST common portal within 30 days of the grant of registration or filing his first GSTR 1, whichever is earlier. However, many taxpayers do not strictly follow this process. 

To curb this non-compliant practice, GSTN issued an advisory on 23^rd August 2024 saying that filing of GSTR 1/IFF will not be allowed if bank details are not available on the portal from 01^st September 2024.

Let's understand the details!

Advisory dated 23^rd August 2024

Advisory for furnishing bank account details before filing GSTR-1/IFF Notification No. 38/2023 – Central Tax New Delhi, the 4th August, 2023

Aug 23rd, 2024

1.  As per Rule 10A of Central Goods and Services Tax Rules, 2017 notified vide notification no. 31/2019 dated 28.06.2019, a taxpayer is required to furnish details of a valid Bank Account within 30 days from the date of grant of registration, or before furnishing the details of outward supplies of goods or services or both in FORM GSTR-1or using Invoice Furnishing Facility (IFF), whichever is earlier.

2.  Advisory and various communications have already been issued from time to time to inform the taxpayers regarding furnishing the details of a valid Bank Account detail in the GST Registration.

3.  Now, from 01st September 2024 this rule is being enforced. Therefore, for the Tax period August 2024 onwards, the taxpayer will not be able to furnish GSTR-01/IFF as the case may be, without furnishing the details of a valid Bank Account in their registration details on the GST Portal.

4.  Therefore, all taxpayers who have not yet furnished the details of valid Bank Account details are hereby requested to add their bank account information to their registration details by visiting Services > Registration > Amendment of Registration Non-Core Fields tabs on the GST Portal.

5.  It is informed that in the absence of valid bank account details in GST registration, you will not be able to file GSTR-1 or IFF as the case may, be from the August 2024 return period.

Thanks,
Team GSTN

Key points

• GSTR 1/ IFF for the month of  August 2024 and further months can not be filed if bank details are not updated on the portal.
• This is applicable for existing registrations as well as new registrations.
• For updating bank details, go to Services > Registration > Amendment of Registration Non-Core Fields tabs on the GST Portal.

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How to update bank details on the GST common portal?

• Go to www.gst.gov.in and log in using valid credentials.
• Go to Services > Registration > Amendment of Registration Non-Core Fields.
• Go to Bank Accounts. Enter several bank accounts to be added and click ADD NEW:

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• Enter the account number, type of bank account, and IFSC code. The bank address will be auto-fetched using IFSC. Then click VALIDATE ACCOUNT DETAILS.

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The bank account details will be validated, and the validation status will be shown under My Profile >> Bank Account Validation Status.

• Upload applicable document (any one document is allowed):

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• Click SAVE & CONTINUE

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• Details of all accounts added will be shown. Click CONTINUE

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• Go to the Verification tab, tick the check box, enter the name and place, and submit the application using DSC or EVC

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Conclusion

The mandatory update of bank details on the GST portal, effective from September 1, 2024, marks a significant step toward ensuring compliance with GST regulations. Taxpayers who have not yet provided their bank account information must take immediate action to update these details to avoid disruptions in filing their GSTR-1/IFF. This enforcement applies to both existing and new registrations, making it crucial for all taxpayers to follow the outlined steps on the GST portal. By adhering to these requirements, taxpayers can ensure a smooth and uninterrupted GST filing process.

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