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In what will fast-track insolvency proceedings and help creditors get their dues, the revised model Goods and Services Tax (GST) law has proposed that tax arrears can not be the first charge for a bankrupt company.
Instead, the provisions of the Insolvency and Bankruptcy Code, 2016 will take precedence over other Central and State laws. Sources said the changes have been incorporated in the finalised drafts of CGST, SGST, IGST and UTGST Bills that were formally cleared by the GST Council on Thursday. The provision was earlier not included in the draft Bills.
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