Tax as first charge on property asserts priority over other claims, except under insolvency law; covers tax, interest and penalties.

Any amount payable by a taxable person or other person on account of tax, interest or penalty is a first charge on that person's property, operating notwithstanding contrary provisions in other laws and subject only to the exception provided by the Insolvency and Bankruptcy Code, 2016; the provision treats tax, interest and penalties as a priority secured claim for recovery purposes.

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