Home / Opinion / Columns / GST compliance of companies under IBC: Gaps in the new mechanism

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

Premium

4 min read Last Updated : Mar 29 2020 | 10:47 PM IST

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

Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in