in case of trafnsfer of ownership
This query is : Resolved
CA Sunanda Badgujar
(Querist)
10 April 2010
Hello to all,
My doubt is that, the person taken the ownership of the existing business, without changing the name of the enterprises, the previous dealer is having VAT TIN & is not paid the dues if any and not filed the vat return.
so the new person can take new TIN and what to do with the previous dues?
My doubt is that, the person taken the ownership of the existing business, without changing the name of the enterprises, the previous dealer is having VAT TIN & is not paid the dues if any and not filed the vat return.
so the new person can take new TIN and what to do with the previous dues?
CA Gangadhar Mishra
(Expert)
10 April 2010
if there is no change in the trade name and ownership of the business changes with all assets & liabilities takenover, then any liabilities arises due to VAT authority is to be paid by the new owner only , to avoid this situation you can change the trade name, but it is possibe only for proprietorship business.
10 April 2010
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