Most businesses in India ideally have a current account with their banks, instead of a savings account. A savings account is mostly preferred by the public for their personal banking needs. Businesses, on the other hand, choose a current account due to the many advantages that it has to offer that are specific to businesses.A current account provides businesses with attractive discounts and makes it easier for them to conduct financial operations. It is suitable for a large number of transactions and may be tailored to meet your individual needs. A current account comes with a number of advantages and value-added services. Furthermore, you may use your current account to take advantage of a variety of bank-based schemes, where you can pick greater bank offers above a standard current account.
Running a business needs a few official documents in place. The GST Certificate is one amongthose. The Goods and Services Tax, fondly known as GST, is a type of indirect tax levied on the consumers by the Government of India. After the introduction of GST, businesses were then required to have a GSTIN i.e., Goods and Services Identification Number.
If you are a new business and, on your way to apply for a GSTIN certification, then you may have a few doubts in your mind. One common doubt is if it is a mandate to have a current account for your GST certificate.
The answer is- You do not need to have a current account in order to apply for a GST Identification Number. It is not a mandate that is required to be fulfilled before you plan to apply. However, it is recommended that you have a current account associated with your bank for your business needs. Similarly, many business owners feel that it is mandatory to have a GST registration document while opening your current account. The same as above is applicable here.A current account in any bank in India can be opened without GST, and vice versa.
In case you do not have a GST for your business, you are required to submit certain documents that will do that deed.
While you have applied for your GST certificate, you may need to submit a few documents for your application to be complete. This would require a bank account. If you do not have a current account, it is perfectly fine to submit the details for your savings account. Even if a current account is not mandatory here, a bank account surely is.
To help you prepare for your GST certificate application, here are a few documents that are required while you are applying:
- Company’s PAN Card
- Memorandum of Association
- Aadhar Card of the signatory
- Address proof of company’s executive directors
- Bank account details, etc.
The above list is in no way exhaustive and may also depend on the type of company that you have. As a business, you are ideally required to have your current account associated with your GST number.
Disclaimer: The above article is subjective and generic in nature. It is purely for informational purposes and should not be substituted in place of professional advice.
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