In my case proprietor is passed away. He has three daughters, one daughter wants to continue this business. Stock in hand, but no itc in electronic credit ledger.
My question is how to full fill all legal actions in GST.
1. no itc in electronic credit ledger then how to itc reverse.
2. After death of proprietor of we can't issue sale bill then how to sale material which is in stock
3. If material sold to new proprietory firm today - is this a legal move.
1. In case of death of proprietor, the old registration needs to get cancelled and new registration has to be obtained.
2. Further, transfer of going concern is exempted under GST and i think GST is not required to be paid and also ITC is not required to be reversed (both Assets & Liabilities are transferred to new registration).
CAclubindia
