GSTN Issues New Advisory on Furnishing Bank Account Details By Registered Taxpayers Under Rule 10A

GSTN Update dated January 23rd, 2024

The GSTN has issued an advisory for taxpayers to promptly furnish their bank account details, who have not provided it to avoid disruption in business activities and the subsequent suspension of GST. A new functionality is being developed with the following features and will be deployed in near future:-

1. Failure to furnish the bank account in the stipulated time: It would result into following:

a. Taxpayer Registration would get suspended after 30 days and intimation in FORM REG-31 will be issued to the Taxpayer.

b. Get the Taxpayer debarred from filing any further GSTR-1/IFF.

2. Revocation of Suspension: If the taxpayer updates their bank account details in response to the intimation in FORM REG-31, the suspension will be automatically revoked.

3. Cancellation of Registration: If the bank account details are not updated even after 30 days of issuance of FORM REG-31, the registration after suspension may also be taken up for cancellation process by the Officer.

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