Notification No. 39/2020 – Central Tax: Seeks to Make Amendments to Special Procedure for Corporate Debtors Undergoing the Corporate Insolvency Resolution Process Under the Insolvency and Bankruptcy Code, 2016.

Important Keyword: F. No. CBEC-20/06/04/2020-GST, Notification No. 39/2020 – Central Tax, Section 148 CGST Act 2017, Notification No.11/2020- Central Tax, Notification No. 11/2020-Central Tax.

[F. No. CBEC-20/06/04/2020-GST]
Government of India
Ministry of Finance
(Department of Revenue)
Central Board of Indirect Taxes and Customs

New Delhi, the 5^th May, 2020

Notification No. 39/2020 – Central Tax

GST: [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]

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 following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.11/2020- Central Tax, dated the 21^st March, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 194(E), dated the 21^st March, 2020, namely:-

In the said notification

(i). in the first paragraph, the following proviso shall be inserted, namely: –

“Provided that the said class of persons shall not include those corporate debtors who have furnished the statements under section 37 and the returns under section 39 of the said Act for all the tax periods prior to the appointment of IRP/RP.”;

(ii). for the paragraph 2, with effect from the 21^st March, 2020, the following paragraph shall be substituted, namely: –

“2. Registration.- The said class of persons shall, with effect from the date of appointment of IRP / RP, be treated as a distinct person of the corporate debtor, and shall be liable to take a new registration (hereinafter referred to as the new registration)in each of the States or Union territories where the corporate debtor was registered earlier, within thirty days of the appointment of the IRP/RP or by 30th June, 2020, whichever is later:.”.

(Pramod Kumar)
Director,
Government of India

Note: The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide notification No. 11/2020-Central Tax, dated the 21^st March, 2020, published vide number G.S.R. 194(E), dated the 21^st March, 2020.

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Web Stories: Notification No. 40/2020 – Central Tax: Seeks to extend the validity of e-way bills till 31.05.2020 for those e-way bills which expire during the period from 20.03.2020 to 15.04.2020 and generated till 24.03.2020.

Download Pdf: https://taxinformation.cbic.gov.in/