Saravanan has led YENNES since inception and has grown the business organically. He has a natural flair for marketing and the technological knowledge gained over the years has ensured that YENNES grows profitably. He started his career with the knowledge of Tally and has ensured that YENNES is one of the top partners of Tally in India. He has been instrumental in creating a solid team with a clear focus on customer delight that now boasts itself as a solution provider than just being a product partner.
Bharati Saravanan Director Operations
Bharati is an accomplished HR professional and has been instrumental in building a committed team of go getters. She identifies the human resource requirements based on the growth and strategy and designs the people practices that ensure maximum productivity and performance. She ensures that the policies and programs are put to practice while enabling and empowering the team to create value to all stake holders.
S Saiseshan Director, Strategy and Sales
S Saiseshan (Sai) has more than two decades of experience in Sales and Strategy across industries. He has been a key member of the company's strategy team for new business generation, alliances, acquisitions and identifying channel sales/technology partners. He has identified and inked alliance opportunities with product development companies, software vendors, clients and channels in Capital Markets and Banking. In Business Development, he has several years of experience in generating sales leads, converting prospects to accounts and market/client specific market strategy. He also has exposure to back office functions of stock exchanges, brokerages and mutual funds and has the unique experience in setting up of an FII and consulting for NRIs on RBI clearances.
R Nagaiah Director, IT Solutions
Nagaiah is responsible for building solutions and holding the solution repository. The customer delivery function also rolls into him and he heads internal IT. He has been instrumental in building Tally competencies within YENNES and has a holistic view of the organization having worked in various capacities within YENNES - he started his career with YENNES.
M Manikandan CFO
Manikandan (Mani) is responsible for Finance, Admin and Audit. Mani has cross industry experience of handling finance and purchase for more than 20 years and is part of the core team of YENNES. He also has the additional responsibility of ensuring investment needs are met in time..
Liability for GST – Transfers, Mergers & Liquidation
Home » Liability for GST – Transfers, Mergers & Liquidation
In our previous blog, we had studied about various provisions which defined the liability to pay unpaid GST for stakeholders. In this blog, we will go through certain company specific scenarios – such as transfers, mergers and liquidation – and understand how the liability for GST is worked out in such cases.
Liability for GST during transfer of business
If a taxable person transfers his business, either wholly or partly, to another person, then both the taxable person and the person to whom the business is transferred, will be have liability for GST – jointly and severally, wholly or to the extent of such a transfer, to pay the tax amount which is due, which will include tax, interest and penalties. It does not matter whether the due tax amount was determined before and after the transfer of business under GST, as long as it is unpaid.
All forms of transfer, ranging from sale, gift, lease, leave and license, hire etc. will be covered under GST liability in transfer of business.
Apart from the unpaid tax amounts, the new owner of the business will also have the liablity to pay GST from the date of transfer. If he carries on the business in a new name, which is different from the original, then he must apply for an amendment of his registration certificate, which will prevent any legal complications.
Liability in case of merger or amalgamation of companies
There could be situation where companies enter into an amalgamation or merger under GST. As per the GST provisions, if two or more companies merge or amalgamate, then they are individually have liability for GST, provided:
Under GST, merger or amalgamation has happened due to the order of a court or tribunal
Order is to take effect from a date earlier to the date of the order i.e. in retrospective effect
Both companies have supplied goods and / or services to each other during the period in between the order date to order effect date
It is to be noted that the merging companies will be treated as separate companies under GST till the date of the order and not the order effect date. Their registrations will stand cancelled on the date of the order.
Liability in case of company liquidation
When any company is being wound up, either under the orders of a court or Tribunal or otherwise, every person who is appointed as a receiver of any assets of that company, will need to inform the Commissioner of his appointment as a liquidator, within 30 days. Post this, the Commissioner may conduct enquiries to confirm the same, and then notify the final amount to the liquidator, which in his opinion, will be sufficient to provide for any tax, interest or penalty, which is payable by the company at that point in time. This amount will need to be communicated to the liquidator by the Commissioner within 3 months of receiving the appointment intimation.
When any private company is wound up, the scenario is little different. If, any tax, interest or penalty payable by the company for any period (whether before or in the course of or after its liquidation) cannot be recovered, then every person who was a director of the company at any time during the period for which the tax was due shall, jointly and severally, have liability for GST payment, interest or penalty. However, if he manages to prove to the Commissioner that such a non – recovery cannot be attributed to any gross neglect, misfeasance or breach of duty on his part in relation to the affairs of the company, then he may be excused from paying the due amount.
In our next blog, we will understand more about the liability to pay unpaid GST, in case of death and dissolution of the business.