In the advisory given by GSTN to the traders, it has been said that they should provide their bank account information within 30 days of registration. Failure to do so may result in cancellation of registration.
A new rule has been implemented by the GST department. Under this, now you will have to give bank account information to GST officials within 30 days of GST registration. If you do not do this then your GST registration will be cancelled.
An advisory from GSTN to GST-registered companies said that all registered taxpayers should file the filing of GSTR-1/IFF within 30 days of registration under the GST law or before the due date of filing GSTR-1/IFF, whichever is earlier. First of all, it is necessary to provide your bank account details. GSTR-1 of a company contains details of supplies of goods from outside. Whereas the Bill Furnishing Facility (IFF) can be availed by companies opting for Quarterly Returns with Monthly Payment (QRMP) scheme under GST.
How to cancel GST registration suspension
GSTN said that a new system is being made. Under this, taxpayers whose registration has been suspended due to non-submission of bank account details will be informed through Form REG-31. Such companies will also be debarred from filing any further GSTR-1/IFF. If the taxpayer updates his bank account details in response to the intimation in Form REG-31, the suspension will be automatically cancelled.
GSTN said that if the bank account details are not updated even after 30 days of issue of Form REG-31, the tax authorities can also take steps to cancel the registration. The GST Council, headed by Union Finance Minister Nirmala Sitharaman, had in July decided that companies that do not provide valid bank account details will be barred from filing GSTR-1 or using the bill deposit facility.
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