GST Update: Important Changes in Bank IFSC Codes Post-Mergers

Important GST Update: Changes in Bank IFSC Codes Due to Mergers

Recent mergers have led to changes in the IFSC codes of eight banks. Taxpayers are advised to update their bank account details in the GST system using non-core amendments. This update is crucial if refund applications were unsuccessful due to validation errors from the Public Financial Management System (PFMS).

List of Affected Banks

The following banks have experienced changes:

1. Dena Bank
2. Vijaya Bank
3. Corporation Bank
4. Andhra Bank
5. Syndicate Bank
6. Oriental Bank of Commerce
7. United Bank of India
8. Allahabad Bank

GST Implications Due to IFSC Code Changes

Taxpayers should be aware of the necessary actions to take:

1. Updating Existing Registration:

   • Log in to the GSTN Portal and navigate to the non-core amendment section to update your bank details.

2. Addressing Refund Applications:

   • If your refund application has failed due to a validation error from the PFMS, ensure to update your application accordingly.

By taking these steps, taxpayers can ensure compliance with the recent changes and facilitate smoother processing of their refunds.