Menu
Death of sole Proprietor
Hi I have a client who just passed away. He had a Gst number(sole proprietorship) firm. Now his son wants to carry on the business. Tell me how can he continue the same business. Does he has to pay gst on closing stock or he can transfer the same. How can he be added as legal heir in his fathers id. Thank you. Ps succession certificate takes about 1 year to be made.
Replies (3)
As per section 18(3) you can transfer the ITC
first you have to file REG 16- MENTION IN FORM“death of sole proprietor”
and while filling REG 01 " the reason to obtain registration as “death of the
proprietor”. - for successor
AS per MY Information NO gst is payable on stock due to schedule- 2 is now become just for clarification of goods/service ( gst on closing stock is covered by schedule 2) so it's now irrelevant to lavy tax
any TAX , PENALTY,INTEREST HAVE TO BE PAID BY SUCCESSOR.
first you have to file REG 16- MENTION IN FORM“death of sole proprietor”
and while filling REG 01 " the reason to obtain registration as “death of the
proprietor”. - for successor
AS per MY Information NO gst is payable on stock due to schedule- 2 is now become just for clarification of goods/service ( gst on closing stock is covered by schedule 2) so it's now irrelevant to lavy tax
any TAX , PENALTY,INTEREST HAVE TO BE PAID BY SUCCESSOR.
Take a new registration for Son's name. After that transfer the Business (father's) as per GST rules...
Son will have to get succession certificate to get the control of firm. It takes maximum 6 months if there is no dispute amongst legal heirs. Other ways are risky as per law.
Recent Topics :
- Addtional trade name for my another firm
- Commission / Agency Business without books: REAL E
- Difference between AIS and 26AS data.
- Applicability of FCRA to Article Processing Fees (
- GST Return
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
Related Topics :
CAclubindia
