Notification No. 11/2020- Central Tax dated 21.03.2020

All registered person who are Corporate Debtors under the provisions of Insolvency and Bankruptcy Code, 2016 (IBC), undergoing the process of Corporate Insolvency Resolution Process (CIRP) and the management of whose affairs are controlled by Interim Resolution Professional (IPR) or Resolution Professional (RP) shall follow the special procedure from the date of appointment of IPR/PR till the period they undergo the CIRP as:

S. No. Particulars Process
1. Registration All registered Corporate Debtors shall have to take new Registration under GST within 30 days from the date of appointment of the IRP/RP.(hereinafter referred to as the Class of Persons)

In case, IRP/RP has been appointment prior to this notification period of 30 days shall be counted from the commencement of the Notification.

2. Return The said class of persons shall file First Return under the provisions of Section 40 of the GST Act, 2017.
3. Input Tax Credit (ITC) a)  The said class of Persons shall be eligible to avail ITC on invoices covering the supplies of goods or services or both, received since the appointment of IRP/RP but bearing the erstwhile GSTIN, subject to the condition of Chapter V of the GST Act, 2017 and rules made thereunder, except the provisions of Section 16(4) of GST Act, 2017 and Rule 36(4) of CGST Rules, 2017.

b) Now, the registered persons who are receiving supplies from the said class of persons shall be eligible to avail the ITC on invoices issued under the erstwhile GSTIN from the date of appointment of IRP/RP till the date of new registration as required in this notification or thirty days from the date of this notification, whichever is earlier subject to the conditions of Chapter V of the GST Act, 2017 and the rules made under except the provisions of Rule 36(4) of CGST Rules, 2017.

c)  Any amount deposited by IRP/RP, in the erstwhile registration, from the date of appointment to the date of new Registration in terms of this notification shall be available for refund to the erstwhile registration.

Explanation: for the purpose of this notification, please refer the definition of Corporate Debtor, Corporate Insolvency Resolution Professional, Interim Resolution Professional and Resolution Professional as provided under Insolvency and Bankruptcy Code, 2016.

Note: For convenience and understanding purpose, refer:

Section 3, 5, Chapter-II of IBC, 2016

Section 2, 40, 16, Chapter-V of GST Act, 2017 and Rule 36 of CGST Rules, 2017.

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I am Aditya Mohan Khandelwal, residing at Ranchi, Jharkhand-834001, practicing as an Advocate in Jharkhand High Court View Full Profile

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