GSTN has released an advisory explaining that the changes related to Rule 10A will soon be activated on the GST portal.
These changes may affect thousands of businessmen because the GST registration of taxpayers who have not updated their bank account details can be directly suspended.
Once a registration is suspended, the taxpayer will not be able to generate invoices or file income tax returns, which can seriously affect business operations.
What Does the New Rule Require?
According to Rule 10A, every taxpayer must upload their bank account details on the GST portal within 30 days of getting GST registration.
If a taxpayer does not update the bank details within 30 days, or fails to update them before filing GSTR-1 or IFF, the system will now automatically suspend the GST registration.
This rule does not apply to TCS, TDS, or taxpayers who were automatically registered by authorities.
Why Is This Rule Important for Businesses?
GSTN has said that once the new system is activated, the portal will automatically restrict taxpayers who have not updated their bank details.
This will create added pressure on those who have ignored this requirement earlier.
Without updated bank details, taxpayers will not be able to generate proper invoices or file outward supply data, which can interrupt business activities.
Taxpayers can easily update their bank information through a Non-Core Amendment on the GST portal.
GSTN has advised all taxpayers to complete this update immediately to avoid future problems or business disruptions.
