Mandatory Submission of Bank Account Details for Registered Taxpayers under Rule 10A – A Crucial Advisory
Mandatory Submission of Bank Account Details for Registered Taxpayers under Rule 10A – A Crucial Advisory
Introduction:
As of January 23, 2024, registered taxpayers are reminded of the imperative obligation outlined in Rule 10A of the Central Goods and Services Tax Rules, 2017, regarding the submission of bank account details. This advisory serves to highlight the significance of complying with the specified timelines and the potential consequences for non-compliance.
Submission Deadline and Legal Requirement:
All registered taxpayers are mandated by the CGST Act, 2017, and the corresponding Rules to furnish their bank account details within 30 days from the date of registration or before the due date of filing GSTR-1/IFF, whichever occurs earlier. Failure to adhere to this requirement may lead to disruptions in business activities and the subsequent suspension of GSTIN.
Immediate Action Required:
Taxpayers who have not yet provided their bank account details are strongly advised to do so promptly, especially if the 30-day period is approaching expiration. Taking immediate action will prevent any potential disruptions in business operations and safeguard against the suspension of GSTIN.
Upcoming Functionality Features:
A new functionality is in development, poised to be deployed in the near future, with features aimed at streamlining the process:
- Consequences of Non-Compliance:
- a) Taxpayer Registration Suspension: After 30 days, non-compliance will result in the suspension of taxpayer registration, with intimation in FORM REG-31 issued accordingly.
- b) Debarment from GSTR-1/IFF Filing: Non-compliant taxpayers will be debarred from filing any further GSTR-1/IFF.
- Revocation Mechanism:
– If taxpayers update their bank account details in response to the FORM REG-31 intimation, the suspension will be automatically revoked.
- Cancellation Process:
– Failure to update bank account details even after 30 days of FORM REG-31 issuance may lead to the initiation of the cancellation process for the suspended registration by the Officer.
Urgent Call to Action:
Registered taxpayers are urged to take immediate action, providing the necessary bank account information to avoid adverse consequences. Timely compliance will ensure the uninterrupted continuation of business operations.
Conclusion:
In conclusion, adherence to the mandatory submission of bank account details is not just a legal requirement but a crucial step in ensuring the smooth functioning of your business. The upcoming functionality, along with its consequences for non-compliance, underscores the gravity of this advisory. Team GSTN extends its appreciation to all taxpayers for their cooperation in maintaining a transparent and compliant tax environment.
Thanking you,
Team GSTN
Keywords: Bank Account Details Submission, Rule 10A Compliance, GSTIN Registration Suspension