CONSULTEASE.COM
Annual Membership

Sign In

Browse By

All QuestionsCategory: GST CompliancesGST on Closing Stock
Profile photo of Payal wadhwaPayal wadhwa asked 2 weeks ago

GST on Closing Stock

If Proprietor dies, whether we are required to pay GST on Closing stock if legal heir continues the business.
 

Answer the question
2 Answers
Best Answer
Profile photo of SAHIL RATHEESAHIL RATHEE answered 2 weeks ago

THE LEGAL HEIRS WILL REGISTER THEM SELF WITH GST AND DURING REGISTRATION THEY HAVE TO MENTION ‘DEATH OF PROPRIETOR ‘ IN COLUMN REASON TO OBTAIN REGISTRATION .THE STOCK WILL BE TRANSFERED BY FILLING FORM ITC -02 .
LEGAL HEIRS DONT HOLD THE LIABILITY TO PAY GST ON CLOSING STOCK . 

Profile photo of SAHIL RATHEESAHIL RATHEE answered 2 weeks ago

THE LEGAL HEIRS WILL REGISTER THEM SELF WITH GST AND DURING REGISTRATION THEY HAVE TO MENTION ‘DEATH OF PROPRIETOR ‘ IN COLUMN REASON TO OBTAIN REGISTRATION .THE STOCK WILL BE TRANSFERED BY FILLING FORM ITC -02 .
LASTLY HAVE TO SUBMIT DEATH CERTIFICATE TO THE JURISDICTION OFFICE  WITHIN 30 DAYS
LEGAL HEIRS DONT HOLD THE LIABILITY TO PAY GST ON CLOSING STOCK . FOR MORE CLARIFICATION READ 96/15/2019/GST .UPDATED 28TH MARCH 2019