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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 ..... Indirect Taxes and Customs, GST Policy Wing vide Circular No. 134/04/2020-GST dated 23rd 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 23rd March, 2020 by the Department of Revenue, Central Board of Indirect Taxes and Customs, GST Policy Wing. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CLT") 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 section 168(1) of the CGST Act hereby clarifies various issues in the table below:- S. No. Issue Clarification 1. How are dues under GST for pre-CIRP period ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 registration in each State or Union territory where the corporate debtor was registered earlier, within thirty days of the appointment of the IRP/RP. Further, in cases where the IRP/RP has been appointed prior to the issuance of notification No.11/2020- Central Tax, dated 21.03.2020, he shall take registrat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 supplies from the corporate debtors undergoing CIRP, in cases where the IRP/RP was appointed before the issuance of the notification No.11/2020 - Central Tax, dated 21.03.2020? Registered persons who are receiving supplies from the said class of persons shall, for the period from the date of appointment of IRP / RP till the date of registration as required in this notification or 30 days from the date of this notification, whichever is earlier, be eligible to avail input tax credit on invoices issued using the GSTIN of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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