Starting a new business

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Anil Kumar (Querist)
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13 May 2015 I want to start online retail business under sole proprietory company. For this I need to have VAT registration. I have few doubt in this regard. I was told that for VAT registration I should first open a Current Account and get PAN number for Sole Proprietory firm. When I enquired from a bank they said I have to submit VAT Registration Certification for opening a Current Account. I want to know whether for VAT registration having current account is necessary or VAT registration is prerequisite for opening a current account.

Arpit Shah

Arpit Shah (Expert)
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13 May 2015 http://www.indiafilings.com/learn/start-ecommerce-business/

Arpit Shah

Arpit Shah (Expert)
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13 May 2015 http://www.nextbigwhat.com/how-much-does-it-cost-to-startup-a-basic-ecommerce-company-in-india-297/

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Arpit Shah

Arpit Shah (Expert)
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13 May 2015 http://www.wikihow.com/Start-an-Online-Business

CA, CIMA Kumar K Tejwani

CA, CIMA Kumar K Tejwani (Expert)
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13 May 2015 Current Account is mandatory for VAT registration. First you have to open a current account. VAT registration is not mandatory for opening a current account. Ask the bank to show you the notification from RBI where it says VAT registration is mandatory for opening a current account. The bank cannot do this. They have to open account as per the checklist of documents mentioned by the RBI circulars.