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Current bank account for vat/cst reg., mandatory?

Lock Hrt (Not An Accountant) (38 Points)

23 September 2014

Hello all experts out there,

Yesterday, I went into SBI for some info on their current accounts. I was told I need to have VAT/CST number before I could open an account with them. So here is my question,
1. Can I register for MahaVAT (preferrably online) using my saving account (for the time being)?

2. I also have another question, if I want to register for coupulsory type of VAT (instead of voluntary), do I need to give them my bank statements? I'm asking this because I heard of bank statements from agents only and there's no mention for requirement of such documentation on MahaVAT official website.

Thanks.

I could use this info urgentely. :)

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4 Replies

Dev (Article Trainee.) (613 Points)
Replied 23 September 2014

There are many who have current a/c before vat application.. For vat registration, bank statement or Cancelled cheque is required..

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Lock Hrt (Not An Accountant) (38 Points)
Replied 23 September 2014

Originally posted by : Dev
	There are many who have current a/c before vat application.. For vat registration, bank statement or Cancelled cheque is required..

Thank you for your time.

1. About cancelled cheque, can you tell me if it needs to be of current account or saving would also work?

2. In case of compulsary VAT registration, do I need to submit all sale and purchase invoices to convince them my business is above limits (ie 10 lacs)?