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Stock transfer from father to son


vishnu kumar   23 February 2020

vishnu kumar

 4 points

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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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ARS BHARATHI (Executive in gst department)     23 February 2020

ARS BHARATHI
Executive in gst department 
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Clear on payment of gst and take possession of goods and also itc

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Pankaj Rawat (GST Practitioner)     23 February 2020

Pankaj Rawat
GST Practitioner 
 3220 likes  43302 points

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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

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Pankaj Rawat (GST Practitioner)     23 February 2020

Pankaj Rawat
GST Practitioner 
 3220 likes  43302 points

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** read firm instead form


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