GST taxpayers who don’t furnish checking account particulars to GST authorities will probably be barred from submitting outward provide return GSTR-1 from September 1, GST Community (GSTN) has mentioned in an advisory. As per GST Rule 10A, a taxpayer is required to furnish particulars of a sound checking account inside a interval of 30 days from the date of grant of registration, or earlier than furnishing the main points of outward provides of products or companies or each in Type GSTR-1or utilizing Bill Furnishing Facility (IFF), whichever is earlier.
“From 1st September, 2024 this rule is being enforced. Subsequently, for the tax interval August-2024 onwards, the taxpayer will be unable furnish GSTR-01/IFF because the case could also be, with out furnishing the main points of a sound checking account of their registration particulars on GST portal,” GSTN mentioned in an advisory dated August 23.
The GST Council in its assembly in July final yr, had accredited modification to Rule 10A to strengthen the registration course of and to successfully take care of the menace of faux and fraudulent registrations in items and companies tax (GST).
As per the modification, a registered taxpayer was required to furnish the main points of checking account having his title and PAN inside 30 days of grant of registration or earlier than submitting of assertion of outwards provide in Type GSTR-1/IFF (bill furnishing facility), whichever is earlier.
Within the advisory, the GSTN requested all of the taxpayers who haven’t but furnished the main points of a sound financial institution accounts so as to add their checking account data of their registration particulars by visiting the GST portal.
“…in absence of a sound checking account particulars in GST registration, you will be unable to file GSTR-1 or IFF because the case might, be from August 2024 return interval,” the GSTN advisory added.
(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)
