Death of The Proprietor ( GST Implication)

[NILESH PITALE]

Respected Experts

1) In The Case of Death of The Proprietor, Can we Continued the Running Business with Legal Heir. ( Stock in Balance Sheet & ITC In Credit Ledger)

2) If No Legal Heir is Ready to Continued the Business ( Stock in Balance Sheet & ITC In Credit Ledger)

Please Guide what will Be the GST Implication in Both The case with Refer to ITC/ registration/ Returns.

Thanking you

AI Summary

Transfer of input tax credit: successor must obtain GST registration and effect electronic transfer of unutilised credit when business continues.
Where a business is continued by a legal heir the successor must obtain fresh GST registration and the unutilised input tax credit in the deceased's electronic credit ledger may be transferred to the successor through the prescribed electronic procedure, with the transferee accounting for transferred inputs and capital goods. If no heir continues the business, registration must be cancelled and business assets are deemed supplies unless transferred as a going concern or carried on by a personal representative; on cancellation specified debits to the electronic credit or cash ledger are required and any remaining credit lapses.