TaxTMI 
TaxTMI 
Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016
X X X X Extracts X X X X
X X X X Extracts X X X X
..../8198 Date: 09.01.2023 GST Circular No. 19/2022 Subject: Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016- reg. Attention is invited to Circular No. F.17 (134-Pt.-II) ACCT/GST/2017/5598 dated 04^th April, 2020, wherein it was clarified that ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the existing laws and the treatment of such statutory dues under RGST Act and existing laws, after finalization of the proceedings under IBC. 3. 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 section 168(1) of the RGST Act, hereby clarifies as follows. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... intimation of such reduction to him and to the appropriate authority with whom recovery proceedings is pending; (iii) any recovery proceedings initiated on the basis of the demand served upon him prior to the disposal of such appeal, revision or other proceedings may be continued in relation to the amount so reduced from the stage at which such proceedings stood immediately bef....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cy and bankruptcy. For instance, under IBC, NCLT serves as an adjudicating authority for insolvency proceedings which are initiated on application from any stakeholder of the entity like the firm, creditors, debtors, employees etc. and passes an order approving the resolution plan. As the proceedings conducted under IBC also adjudicate the government dues pending under the RGST Act or un....