GST treatment after death of Proprietor

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proprietor
75 Points Posted on 28 June 2020

Dear Experts,

One of my existing client has passed away. his firm was a proprietorship firm. Now is it possible to transfer the whole business with all the Stock to the legal heir (His wife) GST. please clarify me the complete process. I will be very thankful to you..

Thanks Best Regards

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On 28 June 2020 at 23:21 Report
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Quick Summary
If a sole proprietor passes away, their business, including stock, can be transferred to their legal heir. This process involves registering the new firm, transferring Input Tax Credit (ITC) via Form ITC-02, and cancelling the old firm's GST registration due to a change in constitution. A CA certificate may be required for ITC transfers exceeding £5 lakh.

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GST Practitioner
29904 Points Posted on 29 June 2020
Yes you can ... kindly refer the circular no. 96/15/2019 DT.23/3/2019 specifically issued in this regard
1 Reply
On 29 June 2020 at 00:57
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1708 Points Posted on 29 June 2020
You may transfer the whole business to his wife
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On 29 June 2020 at 08:26
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Lxmi nagar delhi
30 Points Posted on 30 June 2020
Fristly take reg of new firm( transfree) then transfer the itc through ITC-02 form if itc amount exceed 5lakh then ca certificate is required...then apply for gst cancellation of old firm via slecting the option of change in Constitution
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On 30 June 2020 at 19:41

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