Reetu | Sep 11, 2024 |
Update Your Bank Account to resolve GSTR-1 and IFF Issues
The GST Department has issued a reminder for the taxpayers who are facing issues while filing GSTR-1 and IFF. The Department said to resolve the issues of GSTR-1 and IFF, update your bank account details in the Registration Tab.
The Goods and Services Tax Network also issued an advisory for furnishing bank account details before filing GSTR-1/IFF.
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Note: Taxpayer would be able to file GSTR-1/IFF if one bank account detail (or more) has been submitted, even if it fails validation. Opportunity is available to correct the details.
The GSTR-1 is a monthly/quarterly document that every registered taxpayer must file. It must include information on all sales and supplies of goods and services made by the taxpayer throughout the tax period.
The Invoice Furnishing Facility (IFF) is an optional service offered to quarterly taxpayers only. If the IFF is in the “Submitted” status, it is mandatory to file the IFF. If the submitted IFF is not filed, the taxpayer will be unable to file their Form GSTR-1 for that quarter.
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