CBIC assured that no recoveries shall be made for the past periods as well, i.e., delayed GST payment made upto 31.08.2020, by any of the Central and State tax administration. Therefore, interest computation for earlier period shall be carried out in accordance with the decision taken in the 39th meeting of GST Council only.
When multiple entities combine or unite together to form one separate entity, it is called amalgamation. Amalgamation is a measure for two competing companies to avoid completion among themselves and offer more to the market. This is done for the mutual benefit of the companies in question.
Amalgamation is said to be an arrangement between two companies for their benefit and to curb completion between them. Two or more companies come together to form a new company or a subsidiary of any one company.
Normally amalgamation and merger are used interchangeably. However, there is a slight difference between the terms. In merger the two companies may or may not lose their legal entity, they may continue to have their own identity. However, in amalgamation, none of the companies in question exists as a legal entity after amalgamation. By combining the assets and liabilities of two companies, a completely new company is formed with a new legal status.