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Whether GSTIN required for opening current account

Kartik (Student) (99 Points)

24 September 2018

if a sole proprietor wants to open a current account then whether GSTIN number is required for it?
bank is not opening current account and asking for GSTIN number but the annual turnover is below 20 lakh so don't want to take registration undet GST
any solution?

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8 Replies

(Guest)

GSTN not required.. You can submit declaration on letterhead regarding turnover

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177015 Points)
Replied 24 September 2018

Any one registration certificate is mandatory for opening current account along with PAN, address proof etc. ......

Be it GSTIN, ot Shop & Establishment license, or EIN number, or FSSAI registration etc. etc.

2 Like

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 24 September 2018

Yes , Agree with Sh Dhirajlal ji , No bank will open Current Account without GSTN

1 Like

(Guest)

He can submit the declaration as they are don't want take regn no. till turnover not exceed 20Lac

Vinod Babu (24191 Points)
Replied 24 September 2018

Yes gstin required for opening current account

1 Like

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Ajit (Tax Consultant) (32 Points)
Replied 22 October 2019

@ Vinod Babu

My turnover is just 20-25 lakhs. its below limit rs. 40 lakhs so i am not liable for GST registration but bank is asking for GST NO.

jayendra Gaonkar (Asst. Manager) (216 Points)
Replied 22 October 2019

Tell them GST is not compulsory as per your turnover. Many people still does not know GST concept.

Ritik Chopra (student) (8128 Points)
Replied 11 March 2021

Since the person if not liable to register under GST, the same is not required to open the current account. You may give a declaration in writing and discuss with bank's manager.