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Introduction
It was proposed that a new rule would come into practice from 1st September 2024, which would change the whole scenario of GST. It said that all the taxpayers under GST have to link the valid bank account with the GSTIN in regard to filing GSTR-1. Without linking, the filing would not be possible. This step has been taken by the initiative for smoothness in compliance processes so that GST filings could become easy.
In this blog, we are going to study what that means and how one can make sure it does not hamper their business in any way.
Why This Change?
It does form one component of a series of steps proposed to strengthen the GST compliance framework. Every GSTP has to therefore have, attached to it, a bank account which is verified and linked to his or her GSTIN. This ensures accountability at much better levels and prevents tax evasion.
Besides, GSTR-1 is that very important form wherein the outward supply of goods and services by the business is reported. Timely and accurate filing of GSTR-1 determines your GST compliance. Unless a valid bank account is linked, you will face delays in filings, which could cause huge disruption to your business.
What is GSTR-1?
GSTR-1 is one of the most important forms for the purpose of GST return filing, where details about outward supplies of goods and services have to be reported by the businesses. Needless to say, it has to be timely filed and perfectly accurate to avoid penalties and keep your business compliant with GST.
Under the new rule, your GSTR-1 will not be able to be filed if your bank account is not linked with your GSTIN. This may result in severe consequences: disruption in your business and attract financial penalties.
Steps to Ensure Compliance
To avoid all sorts of hurdles regarding the filing of GST, go ahead and perform these steps so that your bank account is rightly linked:
Visit the website related to the GST portal at www.gst.gov.in.
Click on Profile Section:
In the “Profile” section, you will be allowed to make changes.
Update Bank Account Details:
Bank account details pertaining to the account number, IFSC code, and bank branch should be updated with due care.
Save Changes:
Save the changes after updating and check that the same is correctly reflected in the portal.
Regular Monitoring:
Check your GST profile from time to time for problems about the linked bank account.
WHAT YOU NEED TO DO IF THERE IS AN ISSUE
You can contact professionals if you need any help in linking the bank account, or if doubts persist over GST filings. The prowess of Factorial Business Solutions will make the process of GST compliance smooth for your business. We offer you professional guidance so that you sail through these changes without hiccups.
Contact Us
Power of Factorial Business Solutions
📞 +91 8105021287
📧 poweroffactorial024@gmail.com
🌐 www.poweroffactorial.in
📍 K R Puram, Bangalore
