Overview of Recent Advisories issued by GSTN—P. Narayanan

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The Tax Publishers GST--Recent Developments Overview of Recent Advisories issued by GSTN P. Narayanan The learned author seeks to make an overview of the recent advisories issued by the Goods and Service Tax Network (GSTN) for the purpose of smooth implementation of the GST law. The observance of these advisories would ensure proper compliance of the recent statutory developments occurred in the GST law and procedures. 1. Introduction Of late, the Goods and Service Tax Network (GSTN) has issued certain advisories for the knowledge of the taxpayers, these are as under: (i) Furnishing of bank account details (ii) Payment through Credit Card/Debit Card and UPI (iii) Introduction of new Tables 14 & 15 in GSTR-1 (iv) Functinalies available on the portal for GTA taxpayers The instructions contained in the above advisories are being discussed as under: 2. Furnishing of bank account details by registered taxpayer (i) Statutory provisions As per rule 10A of the Central Goods and Services Tax Rules, 2017 (in short "the CGST Rules"), 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, is required to furnish information with respect to details of bank account on the common portal (a) within a period of 30 days from the date of grant of registration, or (b) 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. The above requirement is, however, not applicable to the following taxpayers, namely; (i) Persons taking registration as tax deductor at source under rule 12 (ii) Person who has been granted suo moto registration under rule 16 Rule 10A further requires that in case of a proprietorship concern, the Permanent Account Number of the proprietor shall also be linked with the Aadhaar number of the proprietor. (ii) Advisory by GSTN In the advisory issued by the GSTN, the taxpayers have been 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. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

GST--Recent Developments

Overview of Recent Advisories issued by GSTN

P. Narayanan

The learned author seeks to make an overview of the recent advisories issued by the Goods and Service Tax Network (GSTN) for the purpose of smooth implementation of the GST law. The observance of these advisories would ensure proper compliance of the recent statutory developments occurred in the GST law and procedures.

1. Introduction

Of late, the Goods and Service Tax Network (GSTN) has issued certain advisories for the knowledge of the taxpayers, these are as under:

(i) Furnishing of bank account details

(ii) Payment through Credit Card/Debit Card and UPI

(iii) Introduction of new Tables 14 & 15 in GSTR-1

(iv) Functinalies available on the portal for GTA taxpayers

The instructions contained in the above advisories are being discussed as under:

2. Furnishing of bank account details by registered taxpayer

(i) Statutory provisions

As per rule 10A of the Central Goods and Services Tax Rules, 2017 (in short "the CGST Rules"), 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, is required to furnish information with respect to details of bank account on the common portal

(a) within a period of 30 days from the date of grant of registration, or

(b) 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.

The above requirement is, however, not applicable to the following taxpayers, namely;

(i) Persons taking registration as tax deductor at source under rule 12

(ii) Person who has been granted suo moto registration under rule 16

Rule 10A further requires that in case of a proprietorship concern, the Permanent Account Number of the proprietor shall also be linked with the Aadhaar number of the proprietor.

(ii) Advisory by GSTN

In the advisory issued by the GSTN, the taxpayers have been 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.