Government has made it compulsory to furnish bank account information on GST portal within 45 days of grant of registration or the due date of first GSTR 3B, whichever is earlier. This provision is effective from 28th June 2019.
How to update bank details on GST Portal:
Consequence of Not furnishing bank details:
Government may suspend or cancel your GST Registration if bank details are furnished within time limit prescribed above.
FAQs:
1. Is it mandatory to furnish current account details on GST portal?
Ans: No, you can furnish details of Saving bank or Cash credit account also on GST portal. The portal itself gives option of uploading saving bank account details or cash credit account details.
2. If I fail to furnish details within 45 days, will I receive notice for the same or directly my GST number will be cancelled?
Ans: You will receive show cause notice from department for not furnishing bank account details. If you fail to reply the SCN, the department will cancel your registration. But meanwhile, department may suspend your GST number so that you will not be able to generate e-way bill, file returns etc.
3. Can I upload bank account details while applying for GST number?
Ans: Yes, while filing your application for GST registration you can furnish your bank account details. It is not mandatory that you will have to furnish details only after getting GST Registration.
4. Do I need to upload any document on GST portal for updating bank details?
Ans: Yes, you need to upload either photo of cheque or bank statement or bank passbook.
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