Every director of the private company shall be jointly and severally be liable to pay tax, interest or penalty.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability in case of Company in liquidation : FAQ NO. 8)
What is the responsibility of the liquidator in the course of winding up the Company
The receiver of assets / liquidator shall within 30 days from the date of appointment intimate the Commissioner of his appointment. Thereafter, the Commissioner may provide the details that the Company may be liable to pay tax, interest or penalty.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability in case of Company in liquidation: FAQ NO. 7)
Whether in an amalgamation, the companies shall be treated as separate entities for the period starting from effective date and ending on the date of order of the Court
Yes, for the purposes of this Act, the two or more companies amalgamated or merged in pursuance of an order of Court or of Tribunal or otherwise, shall be treated as distinct companies for the period up to the date of the said order and the registration certificates of the said companies shall be cancelled with effect from the date of the said order.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability in case of amalgamation /merger of Companies: FAQ NO. 6)
In case of an amalgamation, supplies effected for the period from effective date till the date of order of the Court between the companies inter-se is liable to tax
Yes. In terms of Section 87(1) of the CGST Act, 2017, the supplies between the
companies inter-se for the period starting from effective date and ending with the date of order of the Court is liable to tax and supply and receipt shall be included in the turnover of supply or receipt of the respective Companies.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability in case of amalgamation /merger of Companies : FAQ NO. 5)
Whether an agent can only be held liable for payment of tax on transactions effected on behalf of principal?Whether an agent can only be held liable for payment of tax on transactions effected on behalf of principal
No. Both agent and principal are jointly and severally liable to pay the tax on such transactions.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability of agent and principal : FAQ NO. 4)
Whether agent is liable for tax in case of transaction made by him on behalf of the principal
Yes. When an agent supplies or receives any taxable goods on behalf of the principal both agent and principal are jointly and severally liable in respect of tax payable on such goods.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability of agent and principal : FAQ NO. 3)
Whether the transferor of business is liable to pay tax / interest / penalties even in respect of the transactions undertaken after the transfer of business
No. The transferor of business is liable to pay tax / interest / penalties arisen (whether determined prior to transfer or post transfer) up to the date of transfer of business.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability in case of transfer of business : FAQ NO. 2)
In case of transfer of business, the transferor will be liable for the payment of tax, interest and penalty
Yes, the transferor and the transferee shall be jointly and severally, be liable to wholly or to the extent of such transfer, to pay the tax, interest or penalty which was due for the period prior to the date of transfer. Such tax liability, interest and penalty may be determined either prior to the date of transfer or thereafter.
(ICAI FAQ PUBLICATIONS 06-09-2017 Liability in case of transfer of business : FAQ NO. 1)