TaxTMI 
TaxTMI 
Clarification in respect of issues under GST law for companies under Insolvency and Bankruptcy Code, 2016
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....tcy Code, 2016 - Reg. The Department of Revenue, Central Board of Indirect Taxes and Customs, GST Policy Wing vide Circular No. 134/04/2020-GST dated 23^rd March, 2020 has issued a clarification in respect of issues under GST law for companies under Insolvency and Bankruptcy Code, 2016, in order to ensure uniformity in the implementation of the provisions of law across the field formations, which is annexed herewith. In exercise of powers conferred by section 168 of the Tripura State Goods and Services Tax Act, 2017 (Tripura Act No. 9 of 2017) for the purpose of uniformity in the implementation of the Act it is instructed to follow the clarification issued vide Circular No. 134/04/2020-GST dated 23^rd March, 2020 by the Department of ....
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....e insolvency proceeding is over and an order is passed by the National Company Law Tribunal (hereinafter referred to as the "NCLT") 3. To address the aforementioned problems, notification No.11/2020- Central Tax, dated 21.03.2020 has been issued by the Government prescribing special procedure under section 148 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the "CGST Act") for the corporate debtors who are undergoing CIRP under the provisions of IBC and the management of whose affairs are being undertaken by IRP/RP. In order to ensure uniformity in the implementation of the provisions of the law across the field formations, the Board, in exercise of its powers conferred under....
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....on, it is advised that such cancellation may be revoked by taking appropriate steps in this regard. 3. Is IRP/RP liable to file returns of pre-CIRP period? No. In accordance with the provisions of IBC, 2016, the IRP/RP is under obligation to comply with all legal requirements for period after the Insolvency Commencement Date. Accordingly, it is clarified that IRP/RP are not under an obligation to file returns of pre-CIRP period. During CIRP period 4. Should a new registration be taken by the corporate debtor during the CIRP period? The corporate debtor who is undergoing CIRP is to be treated as a distinct person of the corporate debtor and shall be liable to take a new r....
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....goods or services or both, received since appointment as IRP/RP and during the CIRP period but bearing the GSTIN of the erstwhile registered person, subject to the conditions of Chapter V of the CGST Act and rule made thereunder, except the provisions of sub-section (4) of section 16 of the CGST Act and sub-rule (4) of rule 36 of the CGST Rules. In terms of the special procedure under section 148 of the CGST Act issued vide notification No.11/2020- Central Tax, dated 21.03.2020. This exception is made only for the first return filed under section 40 of the CGST Act. 7. How to avail ITC for invoices by persons who are availing ....