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The Madras High Court has decided that company directors who are going through liquidation cannot be held personally responsible for paying off the company’s GST dues. The court has given them an opportunity to free themselves from these financial responsibilities. N. Ramkhuar Narasimhan and Poorani Nagarajan, who were directors of M/s. Infinitas Energy Solutions Pvt. […]
The Registrar of Companies (ROC), Delhi, has charged penalties on Panacea Life Sciences Limited and eight of its directors as they failed to reveal the change in designation of one director in the company’s annual return for FY 2022-23, specifying the lapse as a breach of Section 450 of the Companies Act, 2013. The company, […]
The report of the Directors is an important part of a company’s annual financial statements. It assists shareholders, regulators, and other interested parties in comprehending the company’s performance, its financial health, the risks it encounters, the opportunities it has, and what is its future. In earlier times, preparing this report was a long process for […]
Rent paid by a company to its Directors in their capacity is not levied to service tax under the Reverse Charge Mechanism (RCM), New Delhi Principal Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled. As a manufacturer and exporter of guar gum powder, PSV Polymers Pvt Ltd actively leverages CENVAT credit […]
According to Section 137 of the Companies Act, 2013, the company and its three directors were penalised for failing to file financial statements for the fiscal years 2016–17 through 2020–21. The Ministry of Corporate Affairs (MCA) Registrar of Companies issued this judgment under Section 454 of the Companies Act, 2013, as part of the adjudication […]
It was carried by the Madras High Court that recovery actions against the directors of a company cannot be created if the status of the taxpayer does not exist. The Division Bench of Justices Anita Sumanth and G. Arul Murugan noted that “while in the case of amalgamation, it is only the apparent and outer […]
If the company fails to make payment of the tax then Section 39 of the Kerala Value Added Tax Act, 2003, authorizes the taxing authorities to retrieve the tax dues from the directors of the private company, Kerala High Court ruled. When the taxing authorities were unable to recover the dues from the company, they […]
The implementation of the Goods and Services Tax (GST) in India on July 1, 2017, aimed to simplify the nation’s complex taxation system. Replacing several indirect taxes such as excise duty, VAT, and service tax, GST is a complete, multi-stage, destination-based tax. However, businesses are now faced with compliance procedures and may encounter situations where […]
Historically, tax authorities have faced challenges in recovering overdue taxes from defaulters. These difficulties are exacerbated when a company declares bankruptcy, becomes financially insolvent or becomes untraceable. It’s essential to consider that in the context of GST, the funds owed to the government by a company may have already been collected from the end consumer. […]
