Mandatory Bank Account Details Submission Under GST

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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...
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MSME Delayed Payment Updates

Very important Income Tax Updates and compliance:-

क्या होगा अगर MSME द्वारा की गई Purchases की Payment Outstanding है?

Micro तथा Small units से की गई Purchase का पेमेंट  31st March को outstanding रहने पर बड़ी Tax Liability आ सकती है। इसलिए अभी से Planning करे।


1. Micro and small enterprises से की गई Purchase/Expense का Deduction तभी मिलेगा यदि उसका पेमेंट Supplier से तय किये गये Credit Period i.e agreement for payment (Maximum–45 दिन ) मे कर दिया गया हो |

2.  यदि कोई Credit Period तय नहीं की गई है तो ऐसे Case में पेमेंट की Terms 15 दिन ही मानी जाएगी। दोनों पार्टी यदि सहमत हो तो भी इस प्रावधान के लिए 45 दिन से अधिक का समय Allowed नहीं होगा।

3. उदाहरण के तौर पर यदि आपकी 15 lakh की Purchase/Expenses का पेमेंट 31st मार्च को 45/15 दिन से अधिक समय से बाक़ी हैं तो 15 lakh आपकी आय में जुड़ जाएँगे और उसपर लगभग 4.5 लाख तक की Tax Liability आ सकती हैं |

4. Micro enterprise का अभिप्राय ऐसी फ़र्म से है जिसका Plant and Machinery में Investment 1 Crore  से ज्यादा नहीं हो और टर्नओवर 5 Crore से ज्यादा नहीं हो|

5. Small enterprise का अभिप्राय ऐसी फ़र्म से है जिसका Plant and Machinery में Investment 10 Crore  से ज्यादा नहीं हो और टर्नओवर 50 Crore से ज्यादा नहीं हो |

6. यदि पेमेंट 45/15 दिन से अधिक समय से बाक़ी है किंतु Financial Year समाप्त होने से पहले पेमेंट कर दिया जाता है तो ऐसे case में उसका deduction उसी वर्ष में मिल जायेगा 

7. अगर 45/15 दिन के बाद पेमेंट किया गया है तो उस स्थिति में जिस वर्ष में पेमेंट किया गया हैं उस वर्ष में उसका deduction मिलेगा |

8. यदि  Income Tax Scrutiny के दौरान आयकर विभाग के Cross Confirmation से यह पता चलता है की आपका Supplier Micro या Small Unit है और उसका Payment Time Limit के बाद में किया है तो वह उस समय भी Outstanding Payment को Income में Add कर सकता है।

9. यह प्रावधान 01/04/2023 से शुरू होने वाले वित्तीय वर्ष से लागू हो गया है |

10. यह सुझाव है कि आप अपने Sale Invoice में अपना Udhyam रजिस्ट्रेशन नंबर एवं अपनी कैटेगरी (Micro/ Small/ Medium) अंकित कर लिजिएगा जिससे ख़रीददार को आपका MSME के Status का पता चल जाये।

11. यह Analyse कीजिएगा की Group Firms के पेमेंट भी Outstanding रह जाते है, इसलिए इसका भी ध्यान रखे।

1. Deduction of purchases/expenses related to micro and small enterprises is possible if an agreement is made with the supplier within the stipulated credit period i.e. payment (maximum - 45 days).

2. If no credit period has been fixed then in such case the payment terms will be considered only 15 days. Even if both parties agree, not more than 45 days will be allowed for this provision.

3. For example, if the payment for your Purchase/Expenses of Rs. 15 lakh is pending for more than 45/15 days on 31st March, then Rs. 15 lakh will be added to your income and there can be a tax liability of up to Rs. 4.5 lakh on it.

4. Micro enterprise means a firm whose investment in Plant and Machinery does not exceed Rs 1 Crore and turnover does not exceed Rs 5 Crore.

5. Small enterprise means a firm whose investment in Plant and Machinery does not exceed Rs 10 Crore and turnover does not exceed Rs 50 Crore.

6. If the payment is pending for more than 45/15 days but is made before the end of the financial year, then in such a case its deduction will be available in the same year.

7. If the payment is made after 45/15 days, then in that case its deduction will be available in the year in which the payment is made.

8. If during Income Tax Scrutiny it is revealed from the Cross Confirmation of the Income Tax Department that your supplier is a Micro or Small Unit and has made its payment after the time limit, then at that time also he can add the outstanding payment to the income.

9. This provision has come into effect from the financial year starting from 01/04/2023.

10. It is suggested that you mention your enterprise registration number and your category (Micro/Small/Medium) in your Sale Invoice so that the buyer can know your MSME status.

11. Analyze that payments of Group Firms also remain outstanding, so keep this in mind also.

Location: India

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