Scope and Authority:
Amendment under section 148 of the CGST Act, 2017.
Targets corporate debtors under the Insolvency and Bankruptcy Code, 2016.
Distinct Registration:
Corporate debtors managed by interim resolution professionals (IRP) or resolution professionals (RP) treated as distinct entities.
Mandated to obtain new registration within 30 days of IRP/RP appointment.
Return Filing:
Obligation to file the first return from the date of liability till registration grant.
Ensures compliance during the insolvency resolution process.
Input Tax Credit (ITC):
Eligibility for ITC on invoices with erstwhile GSTIN, following Chapter V conditions.
Recipients of supplies from debtors can avail ITC on invoices issued using previous GSTIN.
Cash Ledger Deposits:
Amounts deposited in the cash ledger by IRP/RP available for refund to the erstwhile registration.
Explanation:
Key terms defined, including corporate debtor, IRP, and RP, aligning with the Insolvency and Bankruptcy Code.
Pramod Kumar, Director, Government of India