Gst on stockintrade

This discussion addresses the complexities of closing a sole proprietorship business after the owner's passing, specifically concerning Goods and Services Tax (GST) on existing stock. The primary concern is how to settle the GST liability on stock valued at approximately 1 crore when there's no physical stock and limited input tax credit available, especially when funds are insufficient to pay the tax. The thread explores potential solutions, including transferring stock and ITC to a new GST registration, and adjusting differences against profit if the stock pertains to raw materials.