TaxTMI 
TaxTMI 
Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016
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....ice of the Commissioner of Commercial Taxes Vanijya Therige Karyalaya, Gandhinagar, Bengaluru-560009, Dated: 04-01-2023 COMMISSIONER OF COMMERCIAL TAXES CIRCULAR No. GST-21/2022 Subject: Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016- reg. Att....
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....and Services Tax Act, 2017 (hereinafter referred to as "KGST Act") as well under the existing laws and the treatment of such statutory dues under KGST Act and existing laws, after finalization of the proceedings under IBC. 3. In order to ensure uniformity in the implementation of the provisions of the law across the field formations, this office, in exercise of its powers conferred under sectio....
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....he Commissioner shall give intimation of such reduction to him and to the appropriate authority with whom recovery proceedings is pending; (iii) any recovery proceedings initiated on the basis of the demand served upon him prior to the disposal of such appeal, revision or other proceedings may be continued in relation to the amount so reduced from the stage at which such proceedings stood....
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....instance, under IBC, NCLT serves as an adjudicating authority for insolvency proceedings which are initiated on application from any stakeholder of the entity like the firm, creditors, debtors, employees etc. and. passes an order approving the resolution plan. As the proceedings conducted under IBC also adjudicate the government dues pending under the KGST Act or under existing laws against the co....