GST vide Notification Nos. 11/2020 & 39/2020 dated 21st March 2020 & 5th May respectively notifies that those registered persons, who are corporate debtors under the provisions of the insolvency bankruptcy code, 2016 undergoing the corporate insolvency resolution process and the management of whose affairs are being undertaken by interim resolution professionals (IRP) or resolution professionals (RP), as the class of persons who shall follow the following special procedure from the date of the appointment of IRP/RP till the period they undergo the corporate insolvency resolution process.
Special procedure to be followed is as follows,
- Registration: Those persons shall, with effect from the appointment of IRP/RP, be treated as a distinct person of the corporate debtor, and shall be liable to take a new registration within thirty days of the appointment of the IRP/RP or by 30th June 2020, whichever is later.
Provided that in cases where the IRP/RP has been appointed prior to the date of this notification, he shall take registration within thirty days from the commencement of this notification, with effect from the date of his appointment as IRP/RP.
- Return: After obtaining registration, first return to be filed from the date on which he becomes liable to registration till the date on which registration was granted.
- Input tax credit: In the first return it is eligible to avail input tax credit on invoices covering the supplies of goods or services or both, received since his appointment as IRP/RP but bearing the GSTIN of the erstwhile registered person.
Registered persons who are receiving supplies from the corporate debtor shall, for the period from the date of appointment of IRP / RP till the date of registration as required in this notification or thirty days from the date of this notification, whichever is earlier, be eligible to avail input tax credit on invoices issued using the GSTIN of the erstwhile registered person. Any amount deposited in the cash ledger by the IRP/RP, in the existing registration, from the date of appointment of IRP/RP to the date of registration in terms of this notification shall be available for refund to the erstwhile registration.
https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-11-central-tax-english-2020.pdf
https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-11-central-tax-english-2020.pdf