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 ?
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Transter of Business and amendments in GST
Replies (3)
Quick Summary
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
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
Thank you, for your answer Mr. Pankaj Rawat.
you are always welcome
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