January, 2024 – Issue No. V

GST

Bank Account Details: All Registered Taxpayers are required 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. Failure to furnish the bank account in the stipulated time would result in not only suspension of taxpayer’s registration but also debarring from filing any further GSTR-1/IFF. If the taxpayer updates 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 Officer. 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.

The Indian Tax Advisors