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A writ petition was filed challenging the denial of inter-state transfer of unutilized ITC pursuant to an NCLT-approved amalgamation, raising the legal question of whether such transfer could be denied on the ground that the transferor and transferee entities were registered in different States under the GST regime.
The GSTAT Delhi in the case of DGAP held that once a resolution plan is approved by the NCLT under the IBC, 2016, all claims and dues not included in the resolution plan stand extinguished, and consequently, the Resolution Applicant cannot be held liable for unquantified ITC benefits not passed on by the previous entity under Section 171 of the CGST Act, 2017. The anti-profiteering proceedings against Puma Realtors Pvt Ltd were therefore closed.
The Directorate General of GST Intelligence (DGGI) is likely to approach the National Company Law Tribunal (NCLT) soon, seeking to recover Rs 230-250 crore as taxes from the US subsidiaries of embattled edtech major Byju’s.
The Hon’ble Madras High Court in the case of K. Malathi v. State Tax Officer &Anr. [W.P.No.19728 of 2020 &…
Indirect tax appellate tribunal CESTAT has asked the Central Board of Indirect Taxes and Customs (CBIC) to frame guidelines to…