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

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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 G.S.R.....(E). In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the

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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.

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

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