Change of status of entity: mvat implications

1103 views

Save Share

yashsr

1219 Points Posted on 07 October 2012

Hello,

I have a proprietor ship say 'Yash Enterprises'. I now want to convert it into a partnership firm and change the name to say 'Joint Enterprises'.

1) Now what should be the procedure? Should the status be changed first or the name or both together? How?

2) I do not want to change the Maharashtra VAT no. In other words, my existing VAT no. for 'Yash Enterprises' should continue in 'Joint Enterprises'. Is this possible? If yes, what is the procedure?

Replies (2)

Sanket Damodar Karve

Business

164 Points Posted on 17 November 2012

Cancellation of Registration:

The registration is liable for cancellation in any of the following circumstances:

i Permanent discontinuance of business

ii Disposal of the business

iii Transfer of a business to new location

iv. Annual turnover following below specified limit

v. Dealer fails to furnos te security or has committed fraud/ misrepresentation of fact.

Since you are entering in to the partnership firm from the porperitorship ther is change in the business entity all together. Hence you have to apply for fresh VAT no.

Regards

Yes the VAT no. will change but won't the the Registration remain the same which means when we apply for Change of Entity STatus to MVAT Department the old no. will be automatically cancelled and the new no. be replaced? Also, the assessee won't have to pay the deposit of Rs.25000 and fee of Rs.5000(for voluntary registration).