Seeks to make amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016

Last updated: 09 May 2020

Save Share

Quick Summary

This notification introduces amendments to the special procedure for corporate debtors undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Specifically, it clarifies that corporate debtors who have filed all prior tax statements and returns before the appointment of an Interim Resolution Professional (IRP) or Resolution Professional (RP) are excluded from this special procedure. Furthermore, with effect from 21st March 2020, the IRP/RP will be treated as a distinct person from the corporate debtor and must obtain new GST registrations in each state or union territory where the corporate debtor was previously registered within 30 days of their appointment or by 30th June 2020, whichever is later.

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 39/2020 Central Tax New Delhi, the 5th May, 2020

Daily Limit Reached

You have reached your daily limit of 2 Free Notice & Circular

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?

No Ads
WhatsApp Broadcasts
Daily E-Newsletter
Unlimited Notice & Circular Access

BEST VALUE

2 YEAR PLAN

3,499

(Inclusive of GST)

1 YEAR PLAN

1,999

(Inclusive of GST)

View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

FAQ :

The notification amends the special procedure for corporate debtors undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.

Corporate debtors who have furnished all required statements and returns for tax periods prior to the appointment of an Interim Resolution Professional (IRP) or Resolution Professional (RP) are excluded.

With effect from 21st March 2020, the IRP/RP will be treated as a distinct person and must obtain a new GST registration in each state or union territory where the corporate debtor was previously registered.

The new registration must be obtained within thirty days of the appointment of the IRP/RP or by 30th June 2020, whichever is later.

Guest

Notification No : Notification No. 39/2020 – Central Tax
Published in GST
Source : https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-39-central-tax-english-2020.pdf

Share Report Abuse

Comments