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Based on the new advisory of the GST Network, bank account validation was integrated with the GST system on 24th April 2023. The integration aims to provide accurate bank account details to all GST taxpayers. In this blog, we have discussed the advisory on GSTN’s new functionality. It includes steps to check a bank account validation status on the portal.
The taxpayers are directed to check bank validation for their GSTINs on the portal. The GSTN has, on 24th April 2023, released an advisory advising the taxpayers to cross-check the bank account validation in GST. A taxpayer must take suitable action based on the bank account validation status. The types of bank account validation status are as follows:
The advisory has also intimated that the taxpayer can add or delete bank accounts later. For several reasons, bank account validation status is crucial, essentially for integrating bank accounts with the GST refunds into the correct bank account declared on the GST portal. Therefore, it is crucial for every taxpayer under GST to accurately report their active bank accounts on the GST Portal, especially if they have missed doing the same at the time of GST registration.
The GST portal allows taxpayers to report up to ten bank accounts. However, the addition of bank accounts or amendment after GST registration is considered a non-core amendment. Therefore, the details are auto-approved on the GST portal1 once submitted.
One must provide a bank account number, type of bank account, IFSC and bank branch address. It should be noted that entering the IFSC Code will populate the bank name and branch address by clicking the ‘Get Address’ button while applying for a non-core amendment. A copy of the cancelled cheque or passbook, or bank statement extract in JPEG or PDF Format with a maximum file size of 1 MB should also be uploaded. If the ‘basic details’ does not match the data registered with the PAN, then an error message appears. The user should then amend the name and date of birth per the PAN to validate the bank account successfully.
Bank Validation Status can be checked with the GST system by following the below-given steps:
Step 1: The first step is to Log on to the GST Portal.
Step 2: The second step is to go to the “My Profile” option from the drop-down menu available in the dashboard’s top-right corner.
Step 3: Next, click on the “Bank Account Status” tab from the list appearing on the left side of the profile screen under the ‘Quick Links’ Section.
Step 4: The “Bank Account Status” screen appears with the list of bank accounts added.
The bank validation status can be viewed against every bank account as one of the four types explained in the article’s next section.
Step 5: If you scroll the mouse over the icon, then you can view the instructions of what the icon means. Suitable action can be taken depending on the respective status.
Note: The taxpayers can check their bank validation status after validation to check the GST-registered email address and mobile number.
Four types of bank validation status are based on the GSTN advisory on bank validation. Bank validation status includes ‘Success’, ‘Failure’, ‘Success with remark’ and ‘Pending for Validation’.
The advisory aids taxpayers in learning the steps to cross-verify the bank validation status of their respective bank accounts on the GST portal. Wrong or invalid bank details shall result in a delay in compliance.
Common reasons for bank validation failure are:a) Invalid PAN numberb) PAN not available in the concerned bank accountc) PAN registered under GSTIN and PAN maintained in the bank account are not the same.
If the bank validation status fails, you can choose a different bank account from the “Select Account Number” drop-down list and add a new bank account or rectify the existing bank account details by filing a non-core amendment application of registration and then updating the Bank Account.
It takes 10 – 12 working days for bank validation to take place.
Validation of a bank account is verifying that the bank account number and account details are valid before a transaction is processed.
The bank details should be uploaded on the GST Portal within 45 days from the grant of registration or the due date of the first GSTR 3B, whichever is earlier.
Yes, it is mandatory to add a bank account in GST.
Yes, you can add a savings bank account in GST.
Up to ten bank accounts can be added to the GST Portal.
If a bank account is not added to the GST portal, it will prompt to comply with the criteria underlined in Rule 10A.
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