New Delhi, Dec 22: The Goods and Service Tax Council on Saturday gave an in-principle approval to the amendment in CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer.
Union Finance Minister Arun Jaitley told a press conference that the Council approved amendment in section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, -- interest would be leviable only on the amount payable through the electronic cash ledger.
The Council has also approved the creation of a Centralised Appellate Authority for Advance Ruling to deal with the cases of conflicting decisions by two or more State Appellate Advance Ruling Authorities on the same issue.
Mr Jaitley added that these recommendations would be made effective only after the necessary amendments in the GST Acts are carried out. (UNI)
Govt committed to tackle NPAs, says Corporate Affairs Minister
New Delhi, Dec 22: Minister of State for Law, Justice and Corporate Affairs P P Chaudhary has said the government was committed to fast resolution of failing businesses and tackling NPA’s.
He was speaking at a function on Friday to mark the release of a book titled “Pioneer – A journey of an IP" authored by CA Devendra Nath here.
The Minister said government enacted the insolvency and bankruptcy code in 2016 to ensure expeditious resolution of insolvency related cases in timely manner as the earlier mechanisms of handling insolvencies was ineffective and the cases had been lingering for decades.
Mr Chaudhary said the effective implementation of the code lies in the hands of insolvency professionals.Therefore the insolvency professionals have a responsibility to avoid loss to the nation by salvaging the dying business.
Praising the book he said “ Since this is a new area and this book provides reference study material on the subject for the stakeholders based on the first hand experience of a professional, it would be of immense help for the stakeholders of the corporate ecosystem.
CA Devendra Jain has the distinction of being one of the very few Chartered Accountants who started practicing with focus on “The Insolvency & Bankruptcy Code, 2016 (IBC) immediately after the code was passed in the Lok Sabha in the month of May 2016 and therefore he has the rare privilege of having first-hand experience about the merits of this code.
The book throws light on all the intricacies of IBC and designed to work as the best reference material for all the professionals engaged in the field of Insolvency and Bankruptcy being faced by companies.
CA Devendra Jain practices in Mumbai & Ahmedabad and has always aimed at serving the interest of millions of small investors whose funds are at stake in the occurrences of Insolvency & Bankruptcy. The launch ceremony was attended by many legal luminaries passionate about this code.
Minister of State for Agriculture and Farmer Welfare Gajendra Singh Shekhawat, National Company Law Tribunal President M.M.Kumar and Dr. Mukulita Vijayawargiya, WTM (Research & Regulation Wing) IBBI were also present on the occasion. (UNI)