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.
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....OAD, KOLKATA-700015 TRADE CIRCULAR No. 19/2022 (Corresponding Central Circular No. 187/19/2022-GST) DATED: 29.12.2022 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. Attention is invited to Trade Circular No.05/2020 dated 21st April, 202....
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....") as well under the existing laws and the treatment of such statutory dues under WBGST 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 Commissioner, in exercise of his powers conferred under section 168 of the WBGST Act, hereby clarifies as follows. 4.....
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.... 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 before such disposal." 4.2 As per Section ....
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....ority 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 WBGST Act or under existing laws against the corporate debtor, the same appear to be covered under the ....