Big update regarding GST returns, this rule will come into effect from September 1

A new update has been announced regarding GST returns. According to the latest information, GST taxpayers who have not provided valid bank account details will not be able to file their GSTR-1 form from September 1, 2024. This was highlighted in an advisory issued by the GST Network (GSTN). As per GST Rule 10A, taxpayers are required to submit valid bank account details within 30 days of their registration date or before filing the GSTR-1 form for the outward supply of goods or services or before using the Invoice Furnishing Facility (IFF), whichever is earlier.

Advisory issued:

In an advisory issued on August 23, 2024, GSTN said that this rule will come into effect from September 1, 2024. As a result, taxpayers will not be able to file their GSTR-01/IFF (as applicable) on the GST platform for any tax period after August 2024 without providing valid bank account details in their registration information. In July last year, the GST Council approved amendments to Rule 10A to strengthen the registration process and effectively deal with the issues of fraudulent and fake registrations within the GST system.

Details of the amendment:

As per the amendment, registered taxpayers are required to submit bank account details in their name and PAN within 30 days of obtaining registration or before filing details of outward supplies in Form GSTR-1/IFF, whichever is earlier. The advisory urged all taxpayers who have not yet provided valid bank account details to update their registration information on the GST platform. GSTN further clarified that without valid bank account details, taxpayers will not be able to file GSTR-1 or IFF for return periods beginning August 2024.