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Sale of Stocks

28 November 2018

Can the Legal Heir of a Proprietorship Concern whose proprietor is expired sell remaining stocks under the GSTIN of the deceased proprietor and then apply for cancellation of registration ? Legal Heir is added by the Jurisdictional Officer as Authorized Signatory. Can he sell the remaining stocks under the GSTIN of the deceased proprietor using the concept of estate of the deceased?

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8 Replies

Nivedita (SME - Finance) (758 Points)
Replied 28 November 2018

The legal heir only be cancelling the registration or will also be applying for a new one ..?

Man Mohan Sachdeva (24 Points)
Replied 28 November 2018

He will apply for cancellation but he may or may not apply for new registration if so advised.

Nivedita (SME - Finance) (758 Points)
Replied 28 November 2018

1. Is this legal heir not be carrying this business in the future? 2. Is any ITC credit is also pending?

Man Mohan Sachdeva (24 Points)
Replied 28 November 2018

He is carrying on business in the same line as that of the deceased's firm. He is less interested to carrying on the business under the trade name in which the deceased carried on the business. He just wants to liquidate the stock. There may be some ITC pending. He wants to liquidate the stocks and apply for cancelation.