in case of trafnsfer of ownership

This query is : Resolved

CA Sunanda Badgujar (Querist)
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10 April 2010 Hello to all,
My doubt is that, the person taken the ownership of the existing business, without changing the name of the enterprises, the previous dealer is having VAT TIN & is not paid the dues if any and not filed the vat return.
so the new person can take new TIN and what to do with the previous dues?

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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10 April 2010 if there is no change in the trade name and ownership of the business changes with all assets & liabilities takenover, then any liabilities arises due to VAT authority is to be paid by the new owner only , to avoid this situation you can change the trade name, but it is possibe only for proprietorship business.