TMI BlogClarification in respect of issues under GST law for companies under Insolvency and Bankruptcy Code, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... g. 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 Revenue, Central ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and operations of the said entity as a going concern till the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of an entity undergoing CIRP has already been cancelled and it is within the period of revocation of cancellation of registration, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecial procedure issued under section 148 of the CGST Act has provided the manner of availment of ITC while furnishing the first return under section 40. The said class of persons shall, in his first return, be eligible to avail input tax credit on invoices covering the supplies of 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stration under the head refund of cash ledger, even though the relevant FORM GSTR-3B/GSTR-1 are not filed for the said period. The instructions contained in Circular No. 125/44/2019-GST dt. 18.11.2019 stands modified to this extent. 4. It is requested that suitable trade notices may be issued to publicize the contents of this circular. 5. Difficulty, if any, in the implementation of the above instructions may please be brought to the notice of the Board. Hindi version would follow. (Yogendra Garg) Principal Commissioner (GST) y.garg@nic.in - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
