Circulars Issued By Other Authorities – July 2020

1. New Requirement under Central Goods and Services Tax Act, 2017 for IRP/RP of Corporate Debtor.

The Ministry of Finance vide its Notification No. 11/2020 – Central Tax dated 21.03.2020 stated that those Registered persons who are undergoing the corporate insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code, 2016, and the management of such Companies whose affairs are being undertaken by interim resolution professionals ("IRP") or resolution professionals ("RP") should follow a special procedure, from the date of the appointment of the IRP/RP till the period they undergo the corporate insolvency resolution process. The notification offers special provisions w.r.t Registration, Return, and Input Tax Credit.