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Change of business on same GST no. is possible?

567 views 6 replies

Sunilkumar Gondkar

148 Points Posted on 19 July 2020

Suppose a person had GST no. to run film theatre in the name of ABC Theatre. He incurred loss on the business. If he decides to close theatre business and start another business like cement agency.
Is it possible to retain same GST no. If so how can he get different trade name like ABC traders? please guide.

Replies (6)

Raj Chaurasia

273 Points Posted on 19 July 2020

U can change the trade name by filing amendment in core fileds.

For starting new business u don't need to inform gst department separately ..just only add the new business HSN code in top 5 list of goods in non core amendment filed.

Pawan Vemula

284 Points Posted on 19 July 2020

Yes You Can Amend HSN Details & Trade Name Nature Of Business

Sunilkumar Gondkar

148 Points Posted on 19 July 2020

Thanks for reply

Pankaj Rawat

GST Practitioner

55067 Points Posted on 19 July 2020

Additional to above , kindly upload picture of your business site with glow sign board , if willing to change the Trade Name.

Vijayprakash P

1313 Points Posted on 19 July 2020

In case of death of a sole proprietor, if business is continued by any person being transferee or successor of business, it shall be construed as transfer of business. This means transfer of unutilised input tax credit and liability to pay tax along with penalty, if any, , will also be possible.

CA. Heet Shah

Tax Consultant & Practitioner

6195 Points Posted on 02 August 2020

A new business can be started on the same GSTN. However I doubt on utilisation of ITC for the inputs from previous business can be claimed . Since output from new business will have no nexus inputs taken up.