Special GST Procedure for Corporate Debtors

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