A proprietor may want to transfer his business to a family or some other person. In this case, the most common question that arises in our minds is: how to change proprietor name in GST. Changing the proprietor name in GST can be a hefty process and you need to understand the whole guide properly before trying to change the name. So, I will share with you how to change GST proprietor name.
How to change proprietor name in GST?
Firstly, the person whose name should be registered as the proprietor needs to take a fresh registration under GST as a proprietor. To transfer a business or change the constitution of a registered person, sales, person, merger, amalgamation, lease or transfer of the business or any reason, the input credit tax registered under one person can be transferred to another registered person. For this, all the details had to be submitted in Form GST ITC-02.
After filling the form GST ITC-02 the transferee is notified through the GST portal.
The acquired transferor should submit and upload a copy of the certificate which has to be issued by a chartered account or cost accountant. The certified copy of sale, merger, amalgamation, lease or transfer must be done within a provision for the Transfer of Liabilities.
The transferor needs to cancel the GST registration. I will provide the step by step guide below:
Log in to the GST website by putting your credentials. Go to Services > Registration > Application for Cancellation of Registration option.
Check out the information and fill in your address for the Future Correspondence section manually. You can also check the Address for the same and copy-paste it.
The Cancellation details will be activated and you need to provide relevant details for suitable selections. Choose Transfer of business on account of amalgamation, merger, demerger, sale or otherwise' from the list.
Enter the date to specify when to cancel the registration.
Provide details of the Transferee for Transfer, Merger or Change in Constitution section.
The system will update the changes after validation.
After my uncle passed away, my cousin decided to name the company after my aunt and we all felt happy with his decision. But things are not so easy. If one wishes to do so, he needs to change every document or details related with the company and the foremost question that aroused in everyone’s mind is how to change proprietor name in GST portal. My father said that the GST registration certificate needs to be canceled and a new one is to be issued but one of our relatives said that he need not do it. He can simply update the details and proceed further. So let me tell you how to do it.Contact NoBroker Legal Services’ experts and get all your queries answered so that you can proceed further firmly
What is the procedure for proprietor change in GST?
The name change or updating details is very easy. All you need to do is visit the GST portal:https://selfservice.gstsystem.in/And then fill up the FORM GST REG-14 within 15 days of change of business name and that is all. As Amit Ji said, you will also need to fill the form GST ITC-02. The GST name change does not require any formal document for its transfer and without any sort of legal problem, one can get it done easily.These details should be enough to help you know how to change proprietor name in GST portalRead More:How to change taxpayer type in GST?How to pay RCM in GST Portal?
Let’s discuss an important question, “How to change name of proprietor in GST?” Although many of you believe that it is impossible to modify a firm's name once GST registration has been achieved. However, that is untrue. The proprietor's name can be changed through the GST official site. There is no need to revoke the registration if a modification in the legal name of a business is required. Let's look at the simplest process I've followed to modify the proprietor name in GST.
How to change proprietorship firm name in GST?
In the Goods and Services Tax system, changing the owner name is an effortless process that may be completed online.
Last year we had a gathering, and one of our friends is CA. I asked him a general question: can proprietor be changed in GST, as I was stuck in this confusion. He told me yes. He further said that to change the proprietor's name in GST, you need to follow a set procedure.
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How to Change Proprietor Name in GST?
Somnath
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April 29, 2022
2022-04-29T09:32:52+00:00 2023-11-23T21:58:23+00:00Comment
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