Requirement of Bank Account at time of Registration removed from GSTN

Requirement of Bank Account at time of Registration removed from GSTN

Requirement of bank account details has been removed at the time of GST Registration.

Earlier at time of applying for Registration Below mentioned Bank details were required:

a) TheAccount Numberof the Tax Payer.

b) The Type of Accountof the Tax Payer.

c) The IFSC code of the Bank of the Tax Payer.

This was challenging for businesses as normally a bank account cannot be opened before commencement of business.

But now Government has changed the procedure.

First you get your GST Number and the after first login you can add Bank Details. Bank account details can be added vide amendment of non-core field.

This is indeed a welcoming Step from point of view of ease of doing business.