We present deep imaging observations of activated asteroid P/2016 G1 (PANSTARRS) using the 10.4 m Gran Telescopio Canarias (GTC) from 2016 late April to early June. The images are best interpreted as the result of a relatively short-duration event with an onset of about {350}-30+10 days before perihelion (i.e., around 2016 February 10), starting sharply and decreasing with {24}-7+10 days (HWHM). The results of the modeling imply that the emission of ˜1.7 × 107 kg of dust, if composed of particles of 1 μm to 1 cm in radius, is distributed following a power law of index ‑3 and having a geometric albedo of 0.15. A detailed fitting of a conspicuous westward feature in the head of the comet-like object indicates that a significant fraction of the dust was ejected along a privileged direction right at the beginning of the event, which suggests that the parent body has possibly suffered an impact followed by a partial or total disruption. From the limiting magnitude reachable with the instrumental setup, and assuming a geometric albedo of 0.15 for the parent body, an upper limit for the size of possible fragment debris of ˜50 m in radius is derived.