The Central Board of Indirect Taxes and Customs (CBIC) has allowed tax officers to recover reduced dues from bankrupt businesses as decided by the National Company Law Tribunal (NCLT) while deciding on the future of a distressed company.
This clarifies how field officers could go about dealing with tax dues, which are classified as operational credit under the Insolvency and Bankruptcy Code (IBC).
In an order issued on Tuesday, which is based on a decision by the Goods and Services Tax (GST) Council earlier this month, the CBIC clarified to tax officers that the NCLT and its appellate body are adjudicating authorities for bankruptcy proceedings which also cover government dues.
Therefore, the reduction in the dues to the government as a result of bankruptcy proceedings gets sanctity under GST law too.
هذه القصة مأخوذة من طبعة December 29, 2022 من Mint Mumbai.
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هذه القصة مأخوذة من طبعة December 29, 2022 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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