GST Authority clarifies on change/transfer in ownership of sole proprietorship

The GST (Goods & Services Tax) Authority on Thursday made it clear that transfer or change in the ownership of business will include transfer or change in the ownership of business due to death of the sole proprietor. Accordingly, a mechanism has been specified for transferring unutilised input tax credit. A circular issued by the Central Board of Indirect Taxes and Customs (CBIC) mentioned th…