Sage-Tips

Can GST registration be transferred?

The GST laws involve PAN based registration. The permanent account number (PAN)allotted to a business entity under the Income Tax Act, 1961 is a unique number and is not transferable to the legal heirs. Therefore, GST registration number allotted to an individual is also not transferable.

How do I transfer business ownership in GST?

For filing the FORM GST ITC-02, the acquired (Transferor) entity must submit and upload a copy of certificate issued by a practicing chartered account or cost accountant, certifying that sale / merger / amalgamation / lease or Transfer of business has been done with specific provision for the Transfer of liabilities.

How do I change from sole proprietorship to partnership in GST?

The following list of documents needed to apply under GST:

1. PAN card of the firm.
2. Partnership deed.
3. PAN card of all partners.
4. Aadhaar Card/passport/driving license/voter ID of all partners with the appropriate address which is given in partnership deed.
5. Photos of all partners.

How can I transfer my proprietorship company to private limited?

The following documents are required for conversion:

1. PAN Card copy of all directors (Identity Proof).
2. Copy of Aadhar card/ Voters ID (Address Proof).
3. Passport size photographs of Directors.
4. Proof of ownership of business place (if owned).
5. Rental agreement if rented.
6. No Objection Certificate (NOC) of Landlord.

Is sole proprietorship better than partnership?

These are the main benefits of a sole proprietorship over a partnership: It’s easier and cheaper to form. It has fewer government regulations. As the sole owner, you have complete control over your business.

What happens to a sole proprietorship when the owner dies India?

What Happens After the Death of a Sole Proprietor? Under Indian law, a sole proprietorship does not have a perpetual succession, which means the business will immediately come to an end, the moment the sole proprietor dies or becomes insolvent.

Can a sole proprietorship firm be converted into a private limited company?

Any sole proprietorship firm can be converted into a private limited company by executing a legally enforceable agreement between the above two. To do conversion between the sole proprietorship and private limited company, one has to incorporate a new private limited company registration.

How to register a private limited company in India?

The Private Limited Company Registration process is completely online, so you don’t even have to leave your home to get your entity registered. At Vakilsearch, we complete the Company Registration online within 14 days. In India, Private Limited company registration cannot be done without proper identity proof and address proof.

How to apply for GST registration online?

1. Access the https://www.gst.gov.in/ URL. The GST Home page is displayed. 2. Click the Services > Registration > New Registration option. Alternatively, you can also click REGISTER NOW link. The Application form is divided into two parts as Part A and Part B. 3. The New Registration page is displayed. Select the New Registration option.

How to convert a private company to a public company?

There are specific rules to be followed when the Conversion of Private Company to Public Company is done. The key points of consideration are as follows: The members of the Company should approve for the Conversion of Private Company to Public Company. Name clause in the Memorandum of Association (MoA) should be amended to exclude the word Private.