The GST Network (GSTN) has released an update on the gst.gov.in website for taxpayers who currently operate accounts from eight banks. The taxpayers operating accounts in these eight banks must update their bank account details on the government’s GST portal. Although the GSTN has given no deadline, it is advisable to update the revised IFSC by 31st March 2021.
These banks merged with other PSU Banks in the last two years. Their instruments, earlier designated Indian Financial System Code (IFSC) and Magnetic Ink Character Recognition (MICR) codes, will become invalid from 1st April 2021.
The banks that no longer exist include the United Bank of India, Corporation Bank, Andhra Bank, Allahabad Bank, Oriental Bank of Commerce, Syndicate Bank, Dena Bank and Vijaya Bank.
The IFSC update is a non-core amendment to GST registration details. These taxpayers may also have to update all such refund applications that failed to get processed due to any validation error pointed by the Public Financial Management System (PFMS).
If you are a customer of any of these eight banks, then ensure to update details such as your mobile number, address, name of the nominee, etc., with the merged bank. Also, the branches may have been shifted or moved with merged banks’ branch leading to a change in address. Accordingly, the IFSC has been revised as well.
To give you an idea of the list of mergers, Vijaya Bank and Dena Bank were merged with Bank of Baroda on 1st April 2019. Later on, the Oriental Bank of Commerce (OBC) and United Bank of India got amalgamated with the Punjab National Bank, with effect from 1st April 2020. Apart from this, Syndicate Bank merged with Canara Bank, while both Corporation Bank and Andhra Bank got merged with Union Bank of India and Allahabad Bank got merged with Indian Bank.
Once you know the revised IFSC of your bank, you must report the bank account number and the IFSC on the GST portal. Since it is considered as a non-core amendment, the tax officers need not intervene or approve of the amendment for its use.
Visit the GST portal and navigate to the ‘Services’ tab > click on ‘Registration’ > click on the ‘Amendment of Registration Non – Core Fields’ link. Next, select the tile known as ‘Bank Accounts’. Make the necessary changes in bank account details and IFSC. After that, checkmark the verification section to proceed.
Finally, select the authorised signatory, enter the place and file the amendment application either by Digital Signature Certificate (DSC) or electronic signature or Electronic Verification Code (EVC). You will get an acknowledgement within the next fifteen minutes on your email ID and mobile number with the Application Reference Number (ARN). The new information will start reflecting immediately as the GST database gets automatically updated upon following these steps.
To update the bank details in the refund applications currently under process, you may have to contact your jurisdictional tax officer for guidance. It is because there is no window on the portal to revise a refund application in form RFD-01.
The taxpayers of these eight banks are advised to finish updating the changed bank account details on the GST portal by 31st March 2021 to avoid any hassles in tax payment or refunds.
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Annapoorna, popularly known as Anna, is an aspiring Chartered Accountant with a flair for GST. She spends most of her day Singing hymns to the tune of jee-es-tee! Well, not most of her day, just now and then.