Business trasnfer process from father to son

This query is : Resolved 

21 August 2024 HI, PLEASE TELL ME THE PROCESS OF TRANSFERRING A PROPRIETORSHIP FIRM UNDER THE NAME OF A FATHER TO HIS SON.
FATHER HAS BEEN RUNNING THE BUSINESS FOR QUITE SOME TIME. NOW DUE TO OLD AGE WANTS TO GIFT THE ENTIRE BUSINESS TO HIS SON.
SON DOES NOT HAVE A GST NUMBER YET.
FATHER HAS LAND THAT IS BEING USED AS THE REGISTERED PLACE OF BUSINESS.
FATHER WANTS TO GIFT EVERYTHING TO HIS SON INCLUDING CREDITORS, DEBTORS, ASSETS, LIABILITIES, ETC.
PLEASE TELL ME THE PROCESS AND CHARGES OF DOING THE SAME.

THANK YOU AND REGARDS

23 August 2024 Changing the proprietor name in GST registration involves a few steps and is essential when there is a change in ownership or legal name of the business. Here’s a concise guide to help you through the process:

Visit theGST Portal. Enter your username and password to log in to your account.
Go to the “Services” tab on the dashboard. Select “Registration” and then “Amendment of Registration Core Fields”.
In the amendment application, there are several tabs. Navigate to the “Promoter/Partners” tab. Here, you can edit the details of the proprietor. Update the name and other relevant details.
Upload supporting documents that justify the change of proprietor name. This could include:
Proof of name change (like a government notification or legal document).

New PAN card details if the PAN has changed.

Proof of identity and address of the new proprietor.

After entering the new details and uploading the documents, click “Save” and then “Continue”.
Review the changes you have made. Ensure all information is accurate and all necessary documents are uploaded.
Click on “Verification” and select the authorized signatory. Complete the verification using DSC (Digital Signature Certificate) or EVC (Electronic Verification Code).
After verification, submit the amendment application. An ARN (Acknowledgment Reference Number) will be generated, which you can use to track the status of your application.
Ensure you have all the correct and relevant documents before starting the amendment process. Incorrect or missing documents can delay the process.
If the PAN of the proprietor is changing, a new GST registration might be required, as GSTIN is linked to PAN. Use the ARN to track the status of your amendment application through the GST portal.
If the process seems complex or you are unsure about the documentation, consider seeking help from a GST practitioner or tax professional.
Changing the proprietor name in GST registration involves logging into the GST portal, accessing the amendment application, updating the details, uploading required documents, and submitting the application. Ensuring accurate information and correct documentation is crucial for a smooth process.
This is how to change proprietor name in GST portal.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries