News Buzz

Relief likely for cos. under IBC code

Companies undergoing resolution under the Insolvency and Bankruptcy Code (IBC) may be allowed to pay current levies of goods and services tax (GST) without the mandatory payment of past dues. GST framework presently doesn’t allow a firm to file current tax dues if it has past dues. Industry organisations have urged the government on the issue, urging it to accept current GST dues while giving a moratorium on past ones. “There is a need to recognise the fact that there could be several cases of default in GST filings/payments due to genuine reasons,” stated MS Mani, partner, Deloitte India. “