{"id":32862,"date":"2023-03-02T05:48:59","date_gmt":"2023-03-02T00:18:59","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=32862"},"modified":"2023-03-02T05:48:59","modified_gmt":"2023-03-02T00:18:59","slug":"sucession-of-business-to-legal-heir-and-gst","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/sucession-of-business-to-legal-heir-and-gst\/","title":{"rendered":"Sucession of business to Legal heir and GST"},"content":{"rendered":"<p>Assessee was carrying business&#8217;s of readymade garments as proprietor for many years. On 27th March 2022, assessee expired. As on the date of his death and as on 31.03.2022, there was closing stock of goods of Worth Rs. 700000 and unutilised input credit available of Rs. 58000\/- .<\/p>\n<p>He was survived by his widow and minor child one Son and one daughter. As per the advice of tax consultant,\u00a0 wife has obtained the fresh registration under GST and continued the business. GST number of old proprietor is still not cancelled\u00a0 and no sale of cl stock is made.<\/p>\n<p>Issues:<\/p>\n<p>1. How closing stock of Goods of proprietary concern of late husband can be transfer to proprietary concern of widow , who has continued the said business by obtaining fresh registration under GST.<\/p>\n<p>2. Whether there is any GST liability for transfer of\u00a0 closing stock. Entire stock is out of purchases effected from GST registered suppliers .<\/p>\n<p>3. . How unutised GST input credit of late husband proprietary can be used in the hands of new proprietary concern of widow<\/p>\n<p>4. Any penalty under GST Act in this situation.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[340],"qa_category":[69],"qa_tag":[192,825,824],"class_list":["post-32862","qa","type-qa","status-publish","hentry","qa_expert-advocate-c-b-thakar","qa_category-gst","qa_tag-gst","qa_tag-legal-heir","qa_tag-sucession-of-business"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/32862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=32862"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=32862"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=32862"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=32862"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=32862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}