No full GST recovery from firms under insolvency: CBIC

The Central Board of Indirect Taxes and Customs has clarified that once a firm reaches the insolvency arena, it can’t be forced to cough up dues to the government like GST, in excess of the “reduced amount” determined. The move will bring more certainly for investors and banks. The CBIC said that if any government dues including Central GST demand has been reduced following IBC proc…