Special GST procedure enables separate GST registration for corporate debtors under CIRP to facilitate compliance, with transitional implementation challenges.
A notification establishes a special procedure enabling IRP/RP to obtain a new GST registration for the corporate debtor and to file a first return covering the CIRP period, allowing input tax credit on invoices issued after appointment but bearing the erstwhile GSTIN (subject to Chapter V conditions except certain restrictive provisions). Registered recipients may claim input tax credit for supplies invoiced under the erstwhile GSTIN during the transition, and cash ledger deposits made under the erstwhile registration during CIRP are refundable. The notification leaves unresolved issues on mandatory registration, treatment during liquidation or post resolution continuity, and handling of pre CIRP electronic credits. (AI Summary)