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Can I use Savings Account for GST-registered freelancing income?

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3 Points Posted on 05 August 2025

Hi everyone,

Quick question - I'm a freelancer with GST registration and currently receive my freelancing income monthly via NEFT in my savings account.

I wanted to confirm:

Is it legally mandatory to have a current account for GST-registered freelancing income?
Can I continue using my savings account for receiving client payments?
Are there any tax/compliance issues with using savings account for business income?

Additional context:

Single monthly NEFT transfer (not multiple daily transactions)
All income is digitally received, no cash handling
GST registration is in individual name (not business entity)
Filing under 44ADA presumptive taxation

Would appreciate guidance from the CA community before I get pushed into expensive current account products.

Replies (2)

Quick Summary

This discussion explores whether freelancers registered for GST in the UK can legally use their personal savings account to receive business income. While some users suggest it's permissible, especially for single monthly transfers, others highlight potential compliance issues and the importance of segregating business and personal finances. The consensus leans towards seeking professional advice from a CA to avoid future complications and unnecessary account fees.