I want to close my father's company, it is sole proprietorship company. All banks account and vat and gst registrations is on his name but due to his bad health condition, he is not able to sign and carry on business, so till now i'm handling the business but now i'm facing difficulties with banks, so i want to close the firm and want to open new company in my name. So please tell me the procedure to close the business and cancel the VAT and GST Registerations.
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Want to close sole propritorship
Replies (3)
For cancelling and reopening the business you need to approach the local authority that is either municipality or panchayat.
Over there you need to clearly specify about closing and reopening of business under shops and establishments acts.
With regards to GSTIN you will get to cancel the GST registration by filing form GSTR10 and apply for a fresh GSTIN based on your PAN.
Over there you need to clearly specify about closing and reopening of business under shops and establishments acts.
With regards to GSTIN you will get to cancel the GST registration by filing form GSTR10 and apply for a fresh GSTIN based on your PAN.
Just repay the loans and advances if any and then settle the debtors and creditors and then File GSTR 10 to cancel GST No, that’s it finally no owner no business in case of sole proprietor
Just repay the loans and advances if any and then settle the debtors and creditors and then File GSTR 10 to cancel GST No, that’s it finally no owner no business in case of sole proprietor
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