As per GST Rule 10A, a taxpayer is required to provide details of his valid bank account within 30 days of getting registration or while filing GST return for the first time or while using invoice generation facility.

Advisory issued on 23 August

In an advisory issued on August 23, the GST Network said that Rule 10A is coming into effect from September 1, 2024. In such a situation, taxpayers without a valid bank account will neither be able to file GST returns for August 2024 nor use the invoice preparation facility.

Also Read: New rules are being implemented for PPF, Sukanya Samriddhi accounts from October 1

GST Network has said that taxpayers who have not yet provided their bank account details on the GST portal should provide the bank account details in their registration details as soon as possible.

The GST Council, in its meeting held in July last year, had approved amendments to Rule 10A to strengthen the registration process and tackle the problem of fake registrations. The amendment made it mandatory to submit details of bank account with the name and PAN of the taxpayer.

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In a relief to holders of physical shares, market regulator SEBI has done away with the requirement of freezing these without PAN, KYC details and nomination. Securities and Exchange Board of India ( SEBI ) issued a circular regarding this. According to this circular, this step has been taken with the aim of simplifying the rules and it will come into effect immediately.

This decision has been taken after receiving feedback from Registrar Association of India and investors. Under the rule, it was mandatory for all holders of physical shares of listed companies to furnish PAN, nomination, contact details, bank account details and specimen signatures for their respective folio numbers.

SEBI had said in May that folios whose details are not available after October 1, 2023, will be frozen by the Registrar of Issue and Share Transfer Agents (RTAs). Amending the circular issued in May, SEBI said that the reference to the word freeze has been removed.

Why did SEBI change the rules?

SEBI said that they have taken this decision to make share trading easier. After the change in this rule, the unexpected challenges faced by investors will be reduced to a great extent. When folios were frozen, investors had to face many problems. SEBI has taken this decision after suggestions received from investors.

SEBI had issued a circular in May this year. In this circular he had removed the reference ‘freezing/frozen’. The decision was taken after consultation and feedback from the Registrar Association of India and investors.

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