{"id":858,"date":"2019-07-29T11:15:01","date_gmt":"2019-07-29T11:15:01","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=858"},"modified":"2019-07-30T14:53:40","modified_gmt":"2019-07-30T09:23:40","slug":"bank-accounts-requirement-for-gst-registration","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/","title":{"rendered":"Bank Accounts Requirement for GST Registration"},"content":{"rendered":"

Documents for GST Registrations<\/b><\/h2>\n

Every person liable to obtain registration or seeking voluntary registration shall have to furnish the following documents.<\/span><\/p>\n

\"Bank<\/p>\n

    \n
  1. Permanent Account Number (PAN)<\/span><\/li>\n
  2. Proof of Constitution of Business or Certificate of Incorporation<\/span><\/li>\n
  3. Identity and Address Proof of Stakeholders and promoters with their photographs<\/span><\/li>\n
  4. Identity of Authorised Signatory with photograph and proof of appointment of Authorised Signatory<\/span><\/li>\n
  5. Address Proof of Principal place of business<\/span><\/li>\n
  6. Details of <\/span>Bank Account For GST Registration<\/b> such as the name, address, bank statement showing a few transactions and copy of\u00a0 a canceled cheque<\/span><\/li>\n<\/ol>\n

    Recently out of the above documents, the requirement to furnish the bank account details for GST Registrations has been relaxed by the GSTN Council.<\/b>\u00a0<\/span><\/p>\n

    Thus while filling up the details for registration on the portal, the requirement for bank account details does not show up.<\/span><\/p>\n

    Now the Applicant has to first obtain his GST number after completing all formalities of Online GST registrations on GSTIN Portal and after the first login, he can add his bank account details vide amendment of non-core field.<\/b><\/p>\n

    Earlier the business entities were required to furnish the bank account details and thereafter the businesses could be registered under GST.\u00a0 In case of small businesses say a proprietorship concern, for opening a bank account certain documents such as registration certificate issued by the tax authorities are also required. Thus in the case of these concerns, bank accounts could not be opened prior to registration of these businesses by the tax authorities.\u00a0<\/span><\/p>\n

    The obligation of bank account details for GST registration had delayed the process of registration thereby causing loss of business to these entities.\u00a0<\/span><\/p>\n

    The GSTN Council took note of these difficulties faced by the businesses and removed this prerequisite for registration.<\/span><\/p>\n

    Removal of the condition of provision of bank account for GST Registrations in the filing of online form for GST registration has helped in expediting the process of registration thereby enabling ease of doing business to the business entities.\u00a0<\/span><\/p>\n

    This Decision of the GSTN Council is highly welcomed, further hoping that the council will make such amendments from time to time, thereby simplifying the process of collection and payment of tax. Let’s see some more information on the Online GST Registration<\/span><\/p>\n

    The requirement for GST Registration:<\/b><\/h2>\n

    Registration under any taxation system helps in identifying the taxpayer and ensuring tax compliance. Under the Goods & Service Tax (GST) regime, without registration, a person can neither collect tax from customers nor claim any credit of tax paid by him.<\/span><\/p>\n

    What is Benefit of GST Registrations?<\/b><\/h2>\n
      \n
    1. Registration legally recognizes a person as a supplier of goods or services.<\/span><\/li>\n
    2. Registration legally authorized a person to collect tax from customers and pass on the credit of the taxes paid on the goods or services supplied, to the purchasers or recipients.\u00a0<\/span><\/li>\n
    3. Registration allows a person to claim the credit of the taxes paid by him on the inputs and input services.\u00a0<\/span><\/li>\n
    4. Registration has been made mandatory for every supplier of Goods whose aggregate turnover in the financial year exceeds rupees <\/span>40 lakhs<\/b> in other states and exceeds rupees 20<\/span> lakhs<\/b> in special category states.\u00a0<\/span><\/li>\n
    5. While for Supplier of Services the Limit is Rs 20 Lakhs and 10 lakhs respectively.<\/span><\/li>\n<\/ol>\n

      \"GST<\/a><\/p>\n

      Feedback\u00a0<\/strong><\/p>\n

        \n
      1. Make attractive curious title if have Idea put multiple titles and let us choose the best<\/span><\/li>\n
      2. Give a small summary or description of the article to inform the user what they are going to read, Here you can just share key points or also increase their curiosity to read more<\/span><\/li>\n
      3. Start from the main topic directly to keep the user engaged. If you want to add any idea add in middle or last.<\/span><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

        Documents for GST Registrations Every person liable to obtain registration or seeking voluntary registration shall have to furnish the following … <\/p>\n

        Read moreBank Accounts Requirement for GST Registration<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\nAre Bank Accounts details required for GST registration? | AKT Associates<\/title>\n<meta name=\"description\" content=\"Earlier the bank Accounts details were mandatory for Issue of GST Registration No, Which put the issue first chicken or First Egg especially for proprietorship. With GSTIN intervention this is the issue has put to rest.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are Bank Accounts details required for GST registration? | AKT Associates\" \/>\n<meta property=\"og:description\" content=\"Earlier the bank Accounts details were mandatory for Issue of GST Registration No, Which put the issue first chicken or First Egg especially for proprietorship. With GSTIN intervention this is the issue has put to rest.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/\" \/>\n<meta property=\"og:site_name\" content=\"AKT Associates\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-29T11:15:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-30T09:23:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/07\/Bank-Accounts-Requirement-for-GST-Registration-2-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"CA Arun Tiwari\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"CA Arun Tiwari\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/\"},\"author\":{\"name\":\"CA Arun Tiwari\",\"@id\":\"https:\/\/aktassociates.com\/blog\/#\/schema\/person\/27565c59ca4857ec78a645bd21dca21d\"},\"headline\":\"Bank Accounts Requirement for GST Registration\",\"datePublished\":\"2019-07-29T11:15:01+00:00\",\"dateModified\":\"2019-07-30T09:23:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/\"},\"wordCount\":605,\"commentCount\":4,\"publisher\":{\"@id\":\"https:\/\/aktassociates.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/07\/Bank-Accounts-Requirement-for-GST-Registration-2-1.png\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/\",\"url\":\"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/\",\"name\":\"Are Bank Accounts details required for GST registration? | AKT Associates\",\"isPartOf\":{\"@id\":\"https:\/\/aktassociates.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/aktassociates.com\/blog\/bank-accounts-requirement-for-gst-registration\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/07\/Bank-Accounts-Requirement-for-GST-Registration-2-1.png\",\"datePublished\":\"2019-07-29T11:15:01+00:00\",\"dateModified\":\"2019-07-30T09:23:40+00:00\",\"description\":\"Earlier the bank Accounts details were mandatory for Issue of GST Registration No, Which put the issue first chicken or First Egg especially for proprietorship. 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