GST Amendment: Clarifications for Corporate Debtors
The Government, empowered by the Central Goods and Services Tax Act, 2017, has introduced amendments affecting corporate debtors.
A proviso excludes corporate debtors who've complied with tax filing obligations before the appointment of Insolvency Resolution Professional/Resolution Professional (IRP/RP).
Corporate debtors now deemed as distinct entities must obtain new registrations in states or Union territories where previously registered, within 30 days of IRP/RP appointment or by June 30, 2020.
These changes aim to streamline GST compliance for corporate debtors undergoing insolvency proceedings.
Compliance prior to IRP/RP appointment exempts certain corporate debtors from the new regulations.
Effective from March 21, 2020, the amendments are designed to facilitate smoother tax procedures during insolvency proceedings.
The alterations underscore the government's commitment to enhancing efficiency and transparency in the GST framework.