dear experts,
what action to be taken under GST in case the proprietor expires.
weather his son can continue the business with same GSTIN..?
weather they need to apply for cancellations...?
if yes then what is the treatment the existing stock under GST....
Since proprietorship concern has no perpetual existence, sole proprietorship ceases to exist if the proprietor dies.
It would be better to form a new proprietorship firm instead of continuing the deceased one.
I would suggest i) Legal heir/successor should apply for cancellation of registration certificate, available on gst portal.
ii) Settle all the GST liabilities, if any (can be done by Legal heir/successor)
iii) Get yourself registered under GST under a new PAN and continue your business.
CAclubindia
