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GSTN enables new registration functionality for insolvency resolution professionals.

Date: 01-06-2020
Subject: GSTN enables new registration functionality for insolvency resolution professionals
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.

Source:- financialexpress.com

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