Bank Account Updation mandatory in GST Registration else Deactivated

Taxpayers should be aware that updating their bank accounts is now obligatory. It is mandatory to mention and update a bank account on the GST Portal, according to Rule 10A of the CGST Rules 2017. Failure to do so might result in your GST registration being deactivated.

As a result, we'll go through this change in depth in this post. Learn how to add a bank account to your GST registration data as well.

Bank Account Updation mandatory in GST Registration else Deactivated

According to rule 10A, the newly registered taxpayer must supply bank account details after obtaining the certificate of registration in Form GST REG-06 and the GSTIN (Goods and Service Tax Identification Number).

As soon as possible, the enrolled taxpayer must supply the above-mentioned bank account information.

• Within 45 days after the date on which the registration was granted; or

• Within the timeframe specified in section 39 of the Central Goods and Service Tax Act for filing a return.

However, rule 10A also gives some exemptions for bank account updation.

Exemptions to Rule 10A

These people are not required to make changes to their bank accounts on GST Portal.

• First, persons who have been registered as Tax Deductor at Source (section 51)

• Second, persons who have been designated Tax Collectors at the Source under Rule 12 (section 53).

• Last but not least, persons who are registered under Rule 16, i.e. those who have been granted suo-moto registration from the competent official.

Notice: All other taxpayers must update their bank accounts on GST Portal within 45 days of receiving GST Registration.

Functionality to check the status of Bank Account Updation

A new feature to monitor Bank Account Updation status has been added to the official GST website.

CGST Rules 2017, Rule 10A, has included a new feature that allows taxpayers who have approved a new registration on the GST Portal but have not yet submitted bank account details to check the progress of the update.

How to add a bank account in GST Registration Account Details

If taxpayers do not update their bank accounts after registering within 45 days of their first login, the system will prompt and force them to comply with the criteria.

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The author is an associate editor for Gst Registration, ISO Certificaton in India.