The modification mentioned {that a} registered taxpayer used to be required to furnish the main points of the reserve account having his identify and PAN inside of 30 days of the lend of registration or ahead of the submitting of a remark of outwards provide in Method GSTR-1/IFF. Symbol old for illustration functions
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GST taxpayers who don’t furnish reserve account main points to GST government might be barred from submitting outward provide go back GSTR-1 from September 1, GST Community (GSTN) has mentioned in an advisory.
As in keeping with GST Rule 10A, a taxpayer is needed to furnish main points of a legitimate reserve account inside of a duration of 30 days from the occasion of lend of registration, or ahead of furnishing the main points of outward provides of products or products and services or each in Method GSTR-1or the use of Bill Furnishing Facility (IFF), whichever is previous. “From 1st 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,” GSTN mentioned in an advisory dated August 23.
The GST Council in its assembly in July extreme moment, had licensed an modification to Rule 10A to give a boost to the registration procedure and to successfully do business in with the risk of faux and fraudulent registrations in items and products and services tax (GST).
As in keeping with the modification, a registered taxpayer used to be required to furnish the main points of the reserve account having his identify and PAN inside of 30 days of the lend of registration or ahead of the submitting of a remark of outwards provide in Method GSTR-1/IFF (bill furnishing facility), whichever is previous.
Within the advisory, the GSTN requested the entire taxpayers who’ve no longer but furnished the main points of legitimate reserve accounts so as to add their reserve account data of their registration main points by means of visiting the GST portal.
“…in absence of a valid bank account details in GST registration, you will not be able to file GSTR-1 or IFF as the case may, be from August 2024 return period,” the GSTN advisory added.
