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Transter of Business and amendments in GST


Darshit Rathod   05 August 2020

Darshit Rathod

 33 points

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If a father transfer his business to his son via gift deed, then weather we need to change the proprietor under GSTIN?
Can it be done?
Or new registration is needed to be taken under sons PAN CARD ?

avater

Pankaj Rawat (GST Practitioner)     05 August 2020

Pankaj Rawat
GST Practitioner 
 3499 likes  47377 points

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Yes it can be done .
As per Notification 12/2017 CT (R) Transfer of going concern is Exempted.

The business can be transfer from one GSTN to another GSTN , but cannot amend the GSTN for Existing one.

Thus apply new GSTN in Son's name & provide reason for obtaining Registration choose " transfer/Succussion of Business" therein.
& surrender father GSTN & provide reason of surrender " Change in Constitution" thereafter provide the GSTN of Son"s therein.


Note : if any balance is lying in Electronic Credit Ledger can be transfer to Son"s GSTN by filing ITC 02 .
So befor surrender file ITC 02

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Darshit Rathod   06 August 2020

Darshit Rathod

 33 points

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Thank you, for your answer Mr. Pankaj Rawat.

avater

Pankaj Rawat (GST Practitioner)     06 August 2020

Pankaj Rawat
GST Practitioner 
 3499 likes  47377 points

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you are always welcome


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