Payal wadhwa asked 5 years ago
GST on Closing Stock
If Proprietor dies, Whether we are required to pay GST on Closing stock if legal heir continues the business?
SAHIL RATHEE answered 5 years 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 .
SAHIL RATHEE answered 5 years 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
