Businesses will be required to submit valid bank account details to GST authorities within 30 days of grant of GST registration to avoid suspension, the GST Network has said. “Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN,” it said. GSTN further said that a new functionality is being developed as per which taxpayers whose registration is suspended for non-submission of bank account details would be intimated through Form REG-31. If taxpayers update their bank account details in response to the intimation in Form REG-31, the suspension will be automatically revoked. If the bank account details are not updated even after 30 days of issuance of Form REG-31, the registration after suspension may also be taken up for cancellation process by the tax officer, GSTN said.

Source: Economic Times January 25, 2024 04:56 UTC