Quick Answer: Is GST Compulsory For Current Account?

What is current account example?

The current account on the balance of payments measures the inflow and outflow of goods, services, investment incomes and transfer payments.

The main components of the current account are: …

Investment incomes, e.g.

dividends, interest and migrants remittances from abroad.

Net transfers – e.g.

International aid..

How much does a 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.

Is GST mandatory for current account?

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.

What is required for current account?

Current Account Document To open a current account, KYC documents like identity proof and address proof are required along with business proof. … Documents valid for Address Proof are Passport, Aadhaar, Voter’s ID Card, Ration Card, Driving License, Lease/Rent Agreement, Property Documents, Utility Bills.

What are the documents required for GST?

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 withdraw cash from current account?

The businessmen can withdraw from their current accounts without any limit, subject to banking cash transaction tax, if any levied by the government. … 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.

Why current account is needed?

A current account is not just a Zero-balance account, it also comes with extra benefits as compared to a saving account. You can get a certain number of free Demand Drafts, Pay Orders and NEFT/RTGS transactions, apart from unlimited number of deposits and withdrawls from your current account.

How can I change my Bank Account details on GST Portal?Login to GST Portal.Go to Services > Registration > Amendment of Registration Non-Core Fields.Select tab Bank Accounts and make required changes.Click on verification tab, select authorized signatory, enter place and sign application using DSC, E-sign or EVC.More items…•

What is the minimum balance required for current account?

Current Account Monthly Average Balance and Withdrawal Limit 2021BankMinimum Average BalanceICICI Bank Smart Business AccountRs. 25,000HDFC Bank Regular Current AccountRs.10,000 per quarterBank of Baroda Baroda Small Business Current AccountQuarterly Average Balance Rs. 2,500SBI Regular Current AccountRs. 10,0002 more rows

Which bank is best 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

What is the minimum balance in HDFC current account?

HDFC Current Account Minimum Balance and ChargesHDFC Bank Current AccountHDFC Bank Current Account Minimum BalanceRegular Current AccountRs.10,000 per quarterPremium Current AccountRs. 25,000 per quarterTrade Current AccountRs. 40,000 per quarterFlexi Current AccountRs. 75,000 per month6 more rows

Can a normal person open current account?

A Current account can be opened in most of the commercial banks. A current account being a zero-account, is generally associated with huge transactions on a regular basis.

Is Axis Bank good for current account?

AXIS offers good banking experience. AXIS is the best, their online services are good. 0.5 5.0/5 “Blown Away!” I hold a Current account with Axis bank from long time, the experience was good so far and i did not face any issues with this bank.

What are the 5 types of accounts?

The chart of accounts organizes your finances into five major categories, called accounts: assets, liabilities, equity, revenue and expenses.

Can you open 2 current accounts?

You can’t have more than one current account You can have as many current accounts across as many different financial institutions as you like. There could also be benefits to having more than one bank account. So, for example, some bank accounts may pay you more interest on your credit balances than others.

How much money should I have in my 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.

Can I register GST without bank account?

Requirement of bank account details has been removed at the time of GST Registration. Now it is required after first login because normally a bank account cannot be opened before commencement of business. Bank account details can be added vide amendment of non-core field.

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.