Business Today
Loading...

GST portal updates: GSTN enables new registration functionality for insolvency resolution professionals

To use this functionality, the appointed IRP/RP should choose the reason to obtain new registration in the drop-down menu as "corporate debtor undergoing the corporate insolvency resolution process by IRP/RP" while applying for registration on the GST portal, GSTN said in a statement

twitter-logoPTI | May 31, 2020 | Updated 16:12 IST
Goods and Services Tax GST portal updates: GSTN enables new registration functionality for insolvency resolution professionalsenables new registration functionality for insolvency resolution professionals
Further, corporate debtors who have not defaulted in furnishing the return under GST would not be required to obtain a separate registration

The Goods and Services Tax Network (GSTN) on Sunday said it has enabled new registration functionality on the GST portal for erstwhile registered entities who are now corporate debtors under the provisions of the Insolvency and Bankruptcy Code (IBC). This facility will benefit the companies that are undergoing the corporate insolvency resolution process and whose management affairs are being undertaken by interim resolution professionals (IRPs) or resolution professionals (RPs).

To use this functionality, the appointed IRP/RP should choose the reason to obtain new registration in the drop-down menu as "corporate debtor undergoing the corporate insolvency resolution process by IRP/RP" while applying for registration on the GST portal, GSTN said in a statement.

In March, the CBIC said the corporate debtors shall be liable to obtain new registration through IRP or RP. Accordingly, the IRP/RPs can apply for new registration on behalf of corporate debtors within 30 days from their appointment or by June 1, 2020, whichever is later.

A corporate debtor undergoing insolvency is liable to furnish its GST returns, make payment of tax and meet all other GST compliances as per the GST law during the corporate insolvency resolution process (CIRP) period.

Such corporate debtors shall be treated as a distinct person and they are liable to take new registration through IRP/RP w.e.f. the date of appointment of such IRP/RP for management of affairs of the corporate debtors.

Further, corporate debtors who have not defaulted in furnishing the return under GST would not be required to obtain a separate registration. Accordingly, if statements in form GSTR-1 and returns in form GSTR-3B for all the tax periods prior to the appointment of IRP/RP have been furnished under the registration of corporate debtor (earlier GSTIN), the IRP/RP would not be required to take a fresh registration.

Complete closure of economic activities should have been reviewed carefully, says Yamaha

Mann ki Baat Highlights: Follow all COVID-19 protocols more sincerely from now, says PM Narendra Modi

PM Modi's 'Mann Ki Baat' at 11 am today; focus likely on 'Unlock 1' of lockdown 5.0

Coronavirus India: Record single-day spike of 8,380 COVID-19 cases takes country's tally past 1.82 lakh

 

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close