GST tranfer

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This discussion outlines the process for a son to take over his father's business after his death, focusing on GST and Income Tax compliance. Key steps include obtaining a new PAN, registering for GST under the new PAN with the same trade name, and transferring Input Tax Credit (ITC) using Form ITC-02. The old GST registration must be surrendered, and a final return filed. It also addresses practical issues like receiving payments via cheque in the old business name and advises opening a new bank account for the business under the son's PAN and GSTIN.

Amarnath

Amarnath (Querist)
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21 May 2021 DEAR SIR,
what is the procedures to be followed to takeover father business by son (father death) in gst and income tax?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 May 2021 Son has to obtain separate PAN based on which he has file his ITR after father's death.
Based on PAN obtain GST registration with same trade name. File GSTR return in new registration.
File GST return upto the date of death in father name transfer ITC to new GST number through ITC 02.
Surender GST registration of father and file GSTR 10 final return.

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Amarnath

Amarnath (Querist)
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23 July 2021 As Relates to above query , I have taken a new GST Certificate for new firm in same business name.Now old business bank current account are freezed.So, in this situation supplier and debtors outstanding payment receiving through cheque in the same concern name. my question is can i make draft or collection a cheque in the new concern? because debtors are not giving or issuing cheque to personal name. Please guide me what to do sir?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 July 2021 Yes open new current account in the name of business with your PAN and GSTIN and collect the cheque issued in the new account.

Amarnath

Amarnath (Querist)
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24 July 2021 Dear Sir,
query relates to export sales
i have exported to narvey in the previous week. In my shipping bill FOB( Rs.112175),Insurance(Rs.16179) and freight (1675) also mentioned but not mentioned IGST Tax in shipping bill.I am not yet taken LUT. Now how can calculate in gst return in export sales also which i have to select without payment of tax or with payment of tax and what amount shall be filled up in total value and tax value.Please Explain sir

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