There is an important update for Goods and Services Tax (GST) taxpayers. From September 1, 2024, the GST authorities will only allow filing of GSTR-1 returns or submission of data through Invoice Supply Facility (IFF) from the registered taxpayer who has provided his/her bank account details. According to a notice dated August 23 shared by the GST Network on microblogging site X (formerly Twitter), the GST taxpayer “will not be able to furnish GSTR-01/IFF”, as the case may be, “without furnishing the details of a valid bank account in his/her registration details” on the GST portal.
GSTN is a government entity that provides the technological infrastructure for the GST system in the country.
The organization has repeatedly informed taxpayers about the mandatory requirement to provide their details while making GST registrations.
As per Rule 10A of the GST Act, a taxpayer must provide details of a valid bank account within 30 days from any of the following, whichever is earlier:
- The date of granting of registration
- Before providing the details of outbound supplies in Form GSTR-1 or using IFF
This rule will be applicable from September 1, GSTN said.
It is reported that in the absence of valid bank account details on file for GST, the taxpayer will not be able to file GSTR-1 return or provide the details through invoice furnishing facility, it added.
— GST Technology (@Infosys_GSTN) August 24, 2024
To do?
“All taxpayers who have not yet provided valid bank account details are requested to add their bank account information in their registration details by visiting Services > Registration > Registration Non-Essential Field Modification Tabs on the GST Portal,” the notice said.
What is GSTR-1?
GSTR-1 is a form that allows businesses to file monthly or quarterly returns to provide details of their supplies of goods and services abroad. It contains a variety of details, including information on sales, invoices issued, and related transactions.
What is IFF?
This is a special feature that allows businesses to upload invoice details instantly. It allows for filing of invoices and credit/debit notes on a more frequent basis, typically for businesses that have opted for quarterly filing of Form GSTR-1.
Generally, while both GSTR-1 and IFF deal with reporting of sales and invoices, GSTR-1 is the primary return that includes a complete report of outgoing supplies, while IFF is a complementary return designed to ease the reporting process for businesses that file quarterly returns.
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