Due to severe illness, my father is not able to continue his business. I have taken new gst number and filed itc 02 as suggested by accountant. My father s cgst credit ledger is showing rs 4000 . But its not getting transfer to my new gst number. How to do it ?
There is stock of more than 1 cr in my father s firm. How to transfer stock to my gst number ? is there anything else other than itc 02 ? Pls suggest.
Thanks a lot.
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Stock transfer from father to son
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Quick Summary
Clear on payment of gst and take possession of goods and also itc
Need to file cancellation for Father's GSTN & while filing cancellation , ask for reason for cancellation , provide " change in" constitutional change" then it will ask for transferee (Son) GSTN , provide the same therein.
As per Entry No. 2 of Notification 12/2017 CT , transfer business is Exempted bin GST.
Hence can prepare transfer Deed agreement & can transfer the asset liability of Father's form to Sons.
For more details kindly refer Circular 96/15/2019-GST
As per Entry No. 2 of Notification 12/2017 CT , transfer business is Exempted bin GST.
Hence can prepare transfer Deed agreement & can transfer the asset liability of Father's form to Sons.
For more details kindly refer Circular 96/15/2019-GST
** read firm instead form
Hello Mr.Pankaj
That particular speaks about the ITC credit only and not mentioned about Stock in hand transfer from Fathers firm to Sons firm while closing the fathers firm. Am i missing any. Pls. guide me as i also have a similar issue.
Thanks
Maha
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