Circular No. 138/08/2020-GST | Company in Insolvency | Extenstion of ITC-04 | Merchant Exporter

Circular No.138/08/2020 dated 06^th May, 2020 provides as follows

Issues related to Insolvency and Bankruptcy Code, 2016

• Time limit for Registration by IRP/RP shall be 30 days from his/her appointment or  30th June whichever is later

Relevant posts for understanding concept of IRP and GST

• •  Provisions in GST when Entity is under resolution proceedings.
  • Amendment in above provisions by Notification No. 39/2020 Centrak Tax Dated 5th May 2020

• Fresh Registration Not Required: Corporate debtors who have not defaulted in furnishing the return under GST would not be required to obtain a separate registration with effect from the date of appointment of IRP/RP. It is clarified that IRP/RP would not be required to take a fresh registration in those cases where statements in FORM GSTR-1 under section 37 and returns in FORM GSTR-3B under section 39 of the CGST Act, for all the tax periods prior to the appointment of IRP/RP, have been furnished under the registration of Corporate Debtor (earlier GSTIN).

Circular No. 138/08/2020-GST | Company in Insolvency | Extenstion of ITC-04 | Merchant Exporter Share on X

• Change in Resolution Professional and GST Registration: In cases where the RP is not the same as IRP, or in cases where a different IRP/RP is appointed midway during the insolvency process, the change in the GST system may be carried out by an amendment in the registration form.

However, if the previous authorized signatory does not share the credentials with his successor, then the newly appointed person can get his details added through the Jurisdictional authority as Primary authorized signatory.

The new registration by IRP/RP shall be required only once, and in case of any change in IRP/RP after initial appointment under IBC, it would be deemed to be change of authorized signatory and it would not be considered as a distinct person on every such change after initial appointment.

Other COVID-19 related representations

• Time Limit of 90 days Extended during Covid Times for Merchant Exporters

Vide notification No. 35/2020-Central Tax dated 03.04.2020, time limit for compliance of any action by any person which falls during the period from 20.03.2020 to 29.06.2020 has been extended up to 30.06.2020, where completion or compliance of such action has not been made within such time.

Notification no. 40/2017-Central Tax (Rate) dated 23.10.2017 was issued under powers conferred by section 11 of the CGST Act, 2017. The exemption provided in notification No. 35/2020-Central Tax dated 03.04.2020 is applicable for section 11 as well.

It is clarified that the said requirement of exporting the goods by the merchant exporter within 90 days from the date of issue of tax invoice by the registered supplier gets extended to 30th June, 2020, provided the completion of such 90 days period falls within 20.03.2020 to 29.06.2020.

 

• Due Date of Form ITC-04 for Quarter Ending March Extended to 30^th June 2020

It is clarified that the due date of furnishing of FORM GST ITC-04 for the quarter ending March, 2020 stands extended up to 30.06.2020.

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