How Do I Open A Current Account With GST?

Why current account is needed?

#1 Current account = any number of transactions One of the most important advantages of having a current account for your business is that there is no constraint on the number of transactions.

You can transact any number of times at whatever frequency you need to..

Do I need a GST number for my small business?

It may seem that all small businesses should immediately get a GST/HST number, but it really depends on the business. Paskowitz says that Canadian businesses that do not expect to have at least $30,000 in annual revenues are not required to have a GST/HST number, but you could consider registering for one anyway.

How much does GST number cost?

40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.

How much money should you have in your current account?

A good rule of thumb is to keep at least one month of net pay in your checking at all times. Look for a checking account with no monthly fee and no minimum balance.

What are the documents required for current account?

Documents Required to Open a Current Bank AccountDuly Signed Application Form with a Photograph.Identity Proof like copy of PAN Card and Aadhaar Card of all directors or partners.Address Proof like telephone bill or electricity bill.A cheque for opening current bank account.

What is the procedure to open current account?

Documents required for opening a Current AccountPAN Card.Partnership Deed (in case of Partnership Firm)Certificate of Incorporation, Memorandum of Association and Articles of Association (in case of Companies)A Cheque for opening the Bank Account.Address Proof of the Firm/ Company/HUF.More items…

What are the documents required for GST number?

The main documents for GST registration include a PAN card, proof of business registration, identity, photographs and address proof of persons in charge, the business’ address proof and bank account statements.

Can I deposit cash in current account?

There are no restrictions on deposits made in the current account opened in a home branch of a bank. However, the current account holder can deposit the cash from any other branch of a bank other than the home branch by paying a nominal charge as applicable. … Deposit and withdrawal of money (cash) at any location.

Is bank account required for GST registration?

5. Bank Account Details: Bank Account details are not mandatory at the time of applying for GST registration. It can be subsequently added by filing an amendment application at the time of the first login. The following documents can be provided to update the bank accounts details that are used to run the business.

Which is best bank for current account?

Best Banks for Current AccountBanksMaximum Cash Deposit AllowedHDFC BankUp to ₹2 lakhs per month (for regular current account)ICICI BankUp to ₹1.8 crores per monthAxis BankUp to ₹2 lakhs per month (for regular current account)Bank of BarodaUp to ₹1 lakhs per month4 more rows

Who are applicable for current account?

1. What is meant by a Current Account with a bank? Current bank accounts are very popular among companies, firms, public enterprises, businessmen who generally have higher number of regular transactions with the bank. The current account includes deposits, withdrawals, and contra transactions.

How many days does it take to open a current account?

It usually takes 1-2 working days to open a current account. You will also require to provide your Aadhaar card details when opening a bank account. 1. Proof of existence of entity – Some of the acceptable documents for proof can be – Trade license/GST Identification Number/SSI Certificate/IPR Registration, etc.

How much cash can be deposited in current account?

If you deposit more than $10,000 cash in your bank account, your bank has to report the deposit to the government. The guidelines for large cash transactions for banks and financial institutions are set by the Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act.

Can I open current account with GST?

Bank account details can be added later vide amendment of non-core field. Therefore, Current Account is not compulsory for GST Registration. And, you can use either saving account or Current account to register for GST in India.

Can individual open current account?

Current Accounts (C/As) can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc. … Cheque books are issued to all Current Account holders and all withdrawals should be made only through issue of cheques.

What are the types of current account?

Types of Current Account It’s a non-interest bearing deposit account with minimum balance requirements and a stipulated monthly average balance. It offers cheque books, debit cards, overdraft facility, etc. Other features may include internet banking, SMS banking, Free RTGS and NEFT transactions, etc.

What is the minimum balance for current account?

SBI Current Account Interest RateSBIRegular Current AccountMinimum Account BalanceRs. 10,000Non Maintenance ChargeNon Rural – Rs. 5,000 Rural – Rs. 2,500Interest RateNil

Can you open a current account without a job?

Being unemployed can put a strain on your finances, especially if your unemployment wasn’t planned and you’re struggling to get another job. One of your main concerns might be whether you can still get a current account or not. The answer is yes, you can still get a current account if you’re unemployed.