50th Meeting of the GST Council was held on July 11, 2023 in New Delhi, wherein it was recommended to strengthen the registration process and to effectively deal with the menace of fake and fraudulent registrations in GST by amending Rule 10A of the Central Goods and Services Tax, Rules, 2017 to provide that the details of bank account, in name and PAN of the registered person, to be required to be furnished within 30 days of grant of registration or before filing of statement of outwards supply under section 37 of CGST Act in FORM GSTR-1/ IFF, whichever is earlier.
Notification:
Accordingly, The CBIC has issued 'the Central Goods and Services Tax (Second Amendment) Rules, 2023' vide Notification No. No. 38/2023- Central Tax dated 04.08.2023 to amend the CGST Rules 2017.
In the said rules, in rule 10A, for the portion beginning with the words and figure "as soon as may be, but not later than forty-five days" and ending with the words "in order to comply with any other provision" the following shall be substituted, namely:-
"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-1 or using invoice furnishing facility, whichever is earlier, furnish information with respect to details of bank account on the common portal".
Analysis:
Registered persons will be required to furnish details of bank account 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-1 or using invoice furnishing facility, whichever is earlier.
