Businesses registered under the Goods and Services Tax (GST) law have been advised by the GST Network (GSTN) to submit their bank account details within 30 days of receiving GST registration or before the filing due date of GSTR-1/IFF. The requirement is aimed at preventing the suspension of GST registration. GSTR-1 is a filing that contains the statement of outward supplies, while the Invoice Furnishing Facility (IFF) is available for businesses that have opted for the Quarterly Returns with Monthly Payment (QRMP) scheme under GST.

The GSTN urged all taxpayers who have not yet provided their bank account details to promptly furnish the information to avoid disruption of business activities and subsequent suspension of their Goods and Services Tax Identification Number (GSTIN).

To enforce this requirement, a new functionality is being developed that will notify taxpayers whose registration is suspended due to non-submission of bank account details through Form REG-31. These businesses will be prevented from filing GSTR-1/IFF. However, if taxpayers update their bank account details in response to the notification, the suspension will be automatically lifted.

If businesses fail to update their bank account details within 30 days of receiving the Form REG-31 notification, the GSTN stated that the registration may be taken up for the cancellation process.

The decision to enforce the submission of valid bank account details was made by the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, and consisting of finance ministers from all states. The council determined that businesses that do not provide bank account details will be barred from filing GSTR-1 or using IFF.