(c) If on an application made by the Registrar or any other person authorised by the Central Government by notification under this Act, the Tribunal is of the opinion that the affairs of the company have been conducted in a fraudulent manner or the company was formed for fraudulent and unlawful purpose or the persons concerned in the formation or management of its affairs have been guilty of fraud, misfeasance or misconduct in connection therewith and that it is proper that the company be wound up. Modes of Dissolution:Dissolution of a company may be brought about in any of the following ways:1. Through transfer of a company’s undertaking to another under a scheme of reconstruction or amalgamation. In such a case, the transfer or company will be dissolved by an order of the Tribunal without being wound up.2. Through the winding up of the company, wherein assets of the company are realized and applied towards the payment of its liabilities. The surplus, if any is distributed to the members of the company, in accordance with their rights. In order to curb the problem of fraudulent trading, generation of fake invoices and wrongful availment of ITC, CBIC has made amendment to the GST provisions by inserting a new rule.GST Practitioner has been prescribed under the CGST Act, 2017 to assist taxpayers in GST compliances.
Winding Up And Dissolution Of Company
A GST Practitioner should be registered on GSTN Portal and must possess certificate by going through relevant procedure before he can start his or her practice.With an aim to gain access to the global environment and make recommendations for boosting India’s Share and importance in global merchandise, etc., the Government of India constituted a Committee called the High Level Advisory Group (HLAG) in September 2018.