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transfer of business from father to son in gst

vishnu kumar (7 Points)

11 September 2019  
my father has a properitorship business for last 30 years. He met with an accident last year and lost his memory and is in complete bed rest. I am running business on his behalf. Now he is not able to sign properly. How can his gst number can be transfer to his son(myself)?
what will happen to stock ,and input ?
Please let me know process for transfer in GST . Thanks a lot in advance.

 9 Replies

Sandeep Kumar (45 Points)
Replied 11 September 2019

first you have get registration no by your own PAN
AND All ITC of your father business shall transfer to your own reg. no. by an application.
and accordingly if there is any output liability then you have to submit it.
1 Like

Pankaj Rawat (GST Practitioner) (51638 Points)
Replied 11 September 2019

No .... it's Exempted As ,per Notification 12/2017 CT. (R).

There will no GST & stock or ITC in credit ledger can be transferred.

For details kindly refer circular 96/15/2019
1 Like

Shrikant Toshniwal (TAX CONSULTANT) (1106 Points)
Replied 11 September 2019

@ PANKAJ RAWAT  CIRCULAR 96/15/2019 IS IN CASE OF DEATH OF SOLE PROPRIETOR

@ VISHNU KUMAR  AS U SAY UR FATHER IS ON BED AND UNABLE TO SIGN PROPERLY BUT THEY MAY SIGN

 AS HE IS ABLE TO SIGN U MAKE A TRANSFER DEED IN WHICH U CAN TRANSFER THEIR ASSETS AND STOCKS TO U AND

APPLY FOR NEW REGISTRATION NUMBER OF URS & THEN APPLY FOR CANCELATION OF UR FATHER REGISTRATION WITH REASON TRANFER OF BUSINESS TO UR NEW GSTN  AND FILL ITC02 IF THERE IS ITC.

 

1 Like

Pankaj Rawat (GST Practitioner) (51638 Points)
Replied 12 September 2019

@ Shrikant
yes you are correct , ,... but the procedure to get business transfer is same therein the circular.
Just to select the option "Change in constitution" instead of "Death of proprietor"
1 Like

Simple (ACTT) (54 Points)
Replied 12 September 2019

I wish you father recover very soon! 

1 Like

vishnu kumar (7 Points)
Replied 12 September 2019

What would be better option ? should i proceed his business as of now with his gst number and in case of any eventuality(death), transfer of stock and itc ll not take much time from sale tax dept ? Other option is to take gst number of my own and transfer all stock and itc as of now. I am new to business and could not decide. I was working as consultant in oracle for last 10 years . Waiting for solution from experts. Pls help. Thanks in advance.

Shrikant Toshniwal (TAX CONSULTANT) (1106 Points)
Replied 12 September 2019

DEAR FRD ,NEVER LEAVE THE HOPE UR FATHER RECOVER SOON

1) IF U WANT TO CONTINUE BUSINESS WITH FATHERS GST U MAKE A POWER OF ATTORNEY  THIS WILL HELP U TO RUN BUSINESS WITH OUT ANY LEGAL OBLIGATION AND OPERATE BANK ACCOUNT TO .

2 ) U MAY TRANSFER THE BUSINESS IN UR NAME AND CONTINUE FATHER BUSINESS AS URS  JUST (PROPRIETOR NAME CHANGE)

CHOICE IS URS

 

1 Like

Tushar Nanaware (122 Points)
Replied 12 September 2019

Option 1 Add your name as Authorised signatory and then you can sign all documents of GST. also add your name in bank account as Authorised signatory and run existing father's business

Option 2 Take new registration in your PAN with same name of father's proprietory concern. it will be your own new concern. sale stock of father's concern to new concern pay GST and take ITC in new concern. just write a letter to your suppliers and customer about new GSTN and PAN

All the best

ANURAG MISHRA (51 Points)
Replied 05 August 2021

@ Shrikant,but there are no change in constitution

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