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Sale of Stocks
Can the Legal Heir of a Proprietorship Concern whose proprietor is expired sell remaining stocks under the GSTIN of the deceased proprietor and then apply for cancellation of registration ? Legal Heir is added by the Jurisdictional Officer as Authorized Signatory. Can he sell the remaining stocks under the GSTIN of the deceased proprietor using the concept of estate of the deceased?
Replies (8)
The legal heir only be cancelling the registration or will also be applying for a new one ..?
He will apply for cancellation but he may or may not apply for new registration if so advised.
1. Is this legal heir not be carrying this business in the future?
2. Is any ITC credit is also pending?
He is carrying on business in the same line as that of the deceased's firm. He is less interested to carrying on the business under the trade name in which the deceased carried on the business. He just wants to liquidate the stock. There may be some ITC pending. He wants to liquidate the stocks and apply for cancelation.
Rule 22 (5) applicable
But in case new GST registration is to be obtained + Input Credit BaL pending etc. - A different procedure
Also for cancelling existing registration etc. - Any arrears, taxes etc. to be paid
he may apply for cancellation and apply the new reg on his no name..
the balance stock and itc can be transfer by filing ITC 03
the balance stock and itc can be transfer by filing ITC 03
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