Mandatory Bank Account Details Submission Under GST
Mandatory furnishing bank account details by registered taxpayers under Rule 10A of the Central Goods and Services Tax Act, 2017. Let's Understand What Is Rule 10A Under CGST Act, 2017. The objective of Rule 10A is to prevent fraudulent activities such as the creation of fake GST registrations and the generation of bogus invoices. By verifying the bank account details of new GST registrants, the government can ensure that only genuine businesses are registered under the GST regime. So all the registered taxpayers are required to furnish their bank account details within the prescribed period of time. Mandatory Bank Account Details Submission as Per Law: All Registered Taxpayers are required under the provisions of CGST Act, 2017 and the corresponding Rules framed thereunder to furnish their bank Account Details within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier. Taxpayers are therefore advised to promptly furnish the...