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Transfer of ownership

CA Shivani Bhardwaj (Chartered Accountant) (158 Points)

14 March 2018

how to transfer ownership of proprietorship to another???
In GST also can we change owner of proprietorship business??

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7 Replies

Rahul Prasad (CA Student) (1683 Points)
Replied 14 March 2018

it seems to difficult legally. I think it is best to close once and start in new one in which it has to be transfer.

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Divakar (Student CA Final ) (11857 Points)
Replied 14 March 2018

Can't transfer one gstin to another person... U should have take new registration in that other person name.... And sale ur business as going concern and file ITC 02 for ITC CLAIM mam..

reema (ASSOCIATE COMPANY SECRETARY) (41 Points)
Replied 14 March 2018

Yes you have to amend gst registraion in the option of Proprioter details.

Rahul Prasad (CA Student) (1683 Points)
Replied 14 March 2018

the main thing in amendment is PAN . it's my opinion that Can't be amended . we can not amend whole portion.

Dnyanesh Patade (Practice) (185 Points)
Replied 14 March 2018

Will need to take new registration as per section 22(3).
I.e. When the business is transfer.

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Rahul Prasad (CA Student) (1683 Points)
Replied 14 March 2018

agree to take new registration.

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 15 March 2018

u have to file cancellation of registration of transferor (prop) , during cancellation it will ask reason for cancellation , plz select the option change in Constitution, , next it will ask for GSTn of transferee , as soon as u put the GSTN his name will popup.
plz file ITC 02, to transfer Ur ITC to transferee account