Taxpayers must furnish bank account details as per Rule 10A, says GSTN; check who is exempt

The Goods and Services Tax Network (GSTN) on November 20 said that as per Rule 10A, taxpayers (except those registered under TCS, TDS, or suo-moto registrations) must furnish their bank account details within 30 days of the grant of registration or before filing details of outward supplies in GSTR-1 or IFF, whichever is earlier. 

GSTN, in an advisory dated Thursday, November 20, said the changes with respect to Rule 10A will be implemented on the GST Portal soon. 

“The changes with respect to Rule 10A will be implemented on the GST Portal soon. Therefore, the taxpayers who have not yet furnished the bank account details till date are advised to update the same at the earliest to avoid suspension of their GST Registration and disruption of business activities,” the GSTN said. 

To add bank details, users can navigate to: Services > Registration > Amendment of Registration Non-Core Fields

What does Rule 10A state?

“After a certificate of registration in FORM GST REG-06 has been made available on the common portal and a Goods and Services Tax Identification Number has been assigned, the registered person, except those who have been granted registration under rule 12 or, as the case may be rule 16, shall 2[within a period of thirty days from the date of grant of registration, or before furnishing the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1or using invoice furnishing facility, whichever is earlier, furnish information with respect to details of bank account on the common portal]."

What does this mean?

This means that if you register for GST, you must provide your bank account details within 30 days of getting your GST registration, or before filing your first GSTR-1 or IFF, whichever is earlier. 

• TCS (Tax Collected at Source) registrants
• TDS (Tax Deducted at Source) registrants
• Suo-moto registrations (registrations initiated by the tax officer)

This is because the GST authorities require valid bank details to verify the business details, enable refunds and prevent fake registrations. If you don’t comply, you may face restrictions or your registration may be suspended.