My father is running a trading concern from last 5 years and now as he wants to take rest I am taking over the business and my query is that the GST was registered in his name as proprietor and now I want to convert into my name,the entire business.How to do that and Upto December-2017 my father was running the business and from January-2018 I took over.There is at least Rs.10,00,000 of Input tax credit under,IGST,CGST and SGST.Please reply as early as possible.
You need to take fresh GST registration as GST number is based on the PAN. You cannot carry business with same GST number.
Secondly to avoid any capital gain under Income Tax, your father should sell all goods to your charging GST, by doing this you can take credit of goods purchased.
Keep it simple instead of business take over. So, it as sell of goods so that input can be transferred with a supply transaction.
Once transaction is complete, you can apply for cancellation of GST registration for your father.
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