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TMI BlogClarification 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, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... Taxes and Customs GST Policy Wing New Delhi, Dated the 27th December, 2022 To, The Principal Chief Commissioners / Chief Commissioners / Principal Commissioners / Commissioners of Central Tax (All) The Principal Directors General / Directors General (All) Madam/Sir, Subject: Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith respect to demand for recovery against such corporate debtor under Central Goods and Services Tax Act, 2017 (hereinafter referred to as "CGST Act") as well under the existing laws and the treatment of such statutory dues under CGST 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxable person a fresh notice of demand; (ii) the Commissioner shall give 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 fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ining to insolvency 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 CGST Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DRC-25 reducing such demand, to the taxable person or any other person as well as the appropriate authority with whom recovery proceedings are pending. 6. It is requested that suitable trade notices may be issued to publicize the contents of this circular. 7. Difficulty, if any, in the implementation of the above instructions may please be brought to the notice of the Board. Hindi version woul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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