As we have discussed in our previous article,  GST authorities can seize properties belonging to the defaulter to recover any due amount. To avoid such seizure, the defaulter often creates a charge on his property or immediately transfers it through sale, mortgage, exchange AFTER the amount has become due. The intention is to defraud the government by not paying taxes. In such cases, the transfer of property will become void. However, the transfer will NOT be void when-

• It is made for adequate consideration
• It is made in good faith (no intention to defraud)
• The taxpayer had not received any notice regarding pending tax dues or proceedings
• Previous permission of the proper officer has been obtained

Tax to be the First Charge on Property

The GST recovery provision states that any tax amount due (including interest & penalty) will be the first charge on the property of such taxable person or such person, and will override all laws except Insolvency and Bankruptcy Code, 2016.

Payment Gateway Registration & Regulatory Framework

Payment Gateways are the entities that provide technology infrastructure to route and facilitate the processing of an online payment transaction. However, Payment Gateways are not involved in the handling of funds that are part of a payment transaction.

Types of Payment Gateways

• Hosted Payment Gateways
• Self Hosted Payment Gateways
• API Hosted Payment Gateways
• Local Bank Integrations

Payment Gateway Market

Total Payment Value (TPV) INR 9.5 Trillion CAGR of 15% in FY 2020-2025