Joint and several liability for tax on transferred business requires transferor and transferee to pay outstanding dues. Upon transfer of a business, the transferor and transferee are jointly and severally liable for tax, interest and penalties attributable to the business ... Summary
Joint and several liability for tax on transferred business requires transferor and transferee to pay outstanding dues.
Upon transfer of a business, the transferor and transferee are jointly and severally liable for tax, interest and penalties attributable to the business up to the transfer date, including amounts determined after transfer; the transferee is liable for tax on supplies made from the date of transfer and must apply within the prescribed time to amend his registration certificate if registered.
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