In the January 2022 edition of the newsletter, we talk about the GST implications for companies under the Insolvency Bankruptcy Code. We discuss the provisions of IBC law and CGST Act detailing the compliances and procedures that need to be followed by companies.
We have also included the Supreme Court judgement of Ghanshyam Mishra & Sons Pvt Ltd vs Edelweiss Asset Reconstruction Company Ltd. In the above case, the court held that the statutory claims of the State Government and the Central Government before the approval of the resolution plan by NCLT, if not part of the resolution plan, shall stand extinguished. No proceedings in respect of such dues could be continued.
To summarise, in this newsletter we talk about the following:
- GST procedures for Corporate Debtors
- Tax dues pending before commencement of CIRP
- GST implications on Sale of Assets under IBC
We take you through the facts of the case, provisions of the law and the ruling made by the concerned authority.
- GST impact on taxability of Dried, whole Turmeric and ancillary services – Maharashtra AAR.
- GST impact on goods provided for a nominal amount under a promotional scheme – West Bengal AAR
Important Notifications and Circulars for the month of January 2022
Every newsletter shall include the calendar for the month. We have highlighted the GST due dates that you need to be aware of for your easy reference!