GST compliance of companies under IBC: Gaps in the new mechanism

The gaps need to be plugged immediately if this long-standing issue has to be addressed keeping in mind the intent and objectives of IBC, 2016


Abhishek GargSudipta Bhattacharjee
Recently, the ministry of finance notified the process to be followed by an interim resolution professional (IRP) or resolution professional (RP) for ensuring GST compliances of corporate debtors (CD) undergoing corporate insolvency resolution process (CIRP). This has been further explained through a circular dated March 23.

This is probably in response to the plethora of representations filed in this regard, after the enactment of the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). It is pertinent to mention that a few days back, the ministry of corporate affairs vide its General Circular No. 08/2020 had also outlined the procedure to be followed by IRP/RP, while undertaking compliances of the CD under the Companies Act, 2013.

Brief background
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of or the Business Standard newspaper

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First Published: Mar 29 2020 | 10:09 PM IST

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