Businesses will be required to submit valid bank account details to GST authorities within 30 days of grant of GST registration to avoid suspension, the GST Network has said. In an advisory to GST-registered businesses, GSTN said all registered taxpayers are required under the Goods and Services Tax (GST) law to furnish details of their bank account/s within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier.
GSTR-1 filed by a company contains statement of outward supplies, while Invoice Furnishing Facility (IFF) can be availed by businesses opting for Quarterly Returns with Monthly Payment (QRMP) scheme under GST.
"Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN," it said.
GSTN further said that a new functionality is being developed as per which taxpayers whose registration is suspended for non-submission of bank account details would be intimated through Form REG-31.
Such businesses would also be debarred from filing any further GSTR-1/IFF.
If taxpayers update their bank account details in response to the intimation in Form REG-31, the suspension will be automatically revoked.
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 tax officer, GSTN said.
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising finance ministers from all states, had in July decided that businesses which do not furnish details of a valid bank account will be barred from filing GSTR-1 or using IFF.
Source Name : Economic Times