GST taxpayers need to take note:
Starting from September 1, 2024, those who do not provide valid bank account details will be unable to file their GSTR-1 outward supply returns.
This new rule, announced by the GST Network (GSTN), requires that a valid bank account be linked to your GST registration within 30 days of registration
or before submitting any outward supply details in Form GSTR-1 or using the Invoice Furnishing Facility (IFF), whichever comes first.
Rule Effective from September 1, 2024
GSTN issued an advisory on August 23, stating that this requirement will be enforced from September 1, 2024.
This means that for the tax period starting from August 2024, GSTR-1 or IFF cannot be filed unless valid bank account details are updated in the GST registration.
Strengthening GST Registration Against Fraud
This amendment to Rule 10A was approved by the GST Council in its July meeting last year to strengthen the registration process and curb fake or fraudulent GST registrations.
Taxpayers who have not yet provided valid bank account details are urged to update their GST registration on the GST platform immediately.
In the absence of valid bank account details, taxpayers will be blocked from filing GSTR-1 or IFF starting with the return period for August 2024.
