GSTN Bank Detail Rule 10A: The Goods and Services Tax Network made a new reminder on November 20. The department said that many people with GST numbers still did not add their bank account details on the GST Portal. GSTN explained that this is a rule that every normal taxpayer must follow. They said that the rule comes from Rule 10A and it must be done on time or it can cause trouble for the business.
GSTN said that taxpayers must share their bank account information within 30 days after they get their GST registration, or before they file their first return in GSTR-1 or IFF.
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GSTN said in the advisory that “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 portal will start following this rule more strictly now, and GSTN said people should not wait till the last moment because their GST number may get suspended if they ignore it, reported Upstox.
GSTN also explained how to add the missing information. They said that bank details can be added through a non-core amendment by going to Services > Registration > Amendment of Registration Non-Core Fields. They said this simple step helps the business work smoothly and also keeps the registration active.
What Rule 10A Says?
The rule is written in a clear way under the CBIC Tax Information. The full rule says: “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].”
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How does this Affect you?
This rule means that once you get a GST number, you cannot wait too long to add your bank account. You must follow the 30-day window or you must finish it before the first outward supply return, whichever comes earlier.
- TCS (Tax Collected at Source) registrants
- TDS (Tax Deducted at Source) registrants
- Suo-moto registrations (registrations initiated by the tax officer)
GSTN repeated this again and said that “taxpayers (except those registered under TCS, TDS, or suo-moto registrations) must furnish their bank account details within 30 days of grant of registration or before filing details of outward supplies in GSTR-1 or IFF, whichever is earlier.”
Who should register for GST?
Abhishek Soni, co-founder, Tax2Win, says that these persons needs to take GST registration:
- Individuals who were registered under the indirect tax laws before GST ( (i.e., Excise, VAT, Service Tax, etc.)
- Businesses having turnover exceeding Rs.40 lakhs, Rs.20 lakhs or Rs.10 lakhs as per the type of entity and state (stated above)
- Non-resident Taxable Persons/ Casual Taxable Persons
- Persons making interstate supplies
- Input Service Distributor or Agents of a supplier
- Those who are paying taxes under the reverse charge mechanism
- A person who makes supplies via an e-commerce operator.
- All e-commerce aggregators (like Amazon, Flipkart, Myntra and others)
- Persons who supply online information, database access, or retrieval services from a place outside India to India, except a registered taxable person.
