- Budget 2022: Will there be more farm loan waivers or enhance in 80C limit in taxation? Here are expectations from 12 sectors
- Budget My Pick: Sharda Cropchem stock is a top buy with 1-year view for analyst Siddharth Sedani; 30% upside expected
- Zee Business news gets Transport Minister's stamp of approval; Nitin Gadkari drafts notification to make 6 airbags mandatory in
- First Electric Bus in Delhi: CM Arvind Kejriwal flags off electric buses today; to introduce 300 e-buses by April
- TCS buyback ki Pathshala: Should you tender shares, process and more—Anil Singhvi answers these 17 questions that investor needs
GSTN alert! New registration functionality enabled on GST portal - Check who will benefit and how to use
In a major development, a new registration functionality has been enabled on the Goods and Services Tax (GST) portal by Goods and Services Tax Network (GSTN).
In a major development, a new registration functionality has been enabled on the Goods and Services Tax (GST) portal by Goods and Services Tax Network (GSTN). Basically, the new registration functionality has been enabled for erstwhile registered entities who are now corporate debtors under the provisions of the Insolvency and Bankruptcy Code (IBC).
Which companies to benefit?
This facility of new registration functionality will benefit the companies that are undergoing the corporate insolvency resolution process and whose management affairs are being undertaken by interim resolution professionals (IRPs) or resolution professionals (RPs).
How to use this new functionality?
To use this functionality, the appointed IRP/RP should choose the reason to obtain new registration in the drop-down menu as "corporate debtor undergoing the corporate insolvency resolution process by IRP/RP" while applying for registration on the GST portal.
In March, the CBIC said the corporate debtors shall be liable to obtain new registration through IRP or RP. Accordingly, the IRP/RPs can apply for new registration on behalf of corporate debtors within 30 days from their appointment or by June 1, 2020, whichever is later.
A corporate debtor undergoing insolvency is liable to furnish its GST returns, make payment of tax and meet all other GST compliances as per the GST law during the corporate insolvency resolution process (CIRP) period.
Such corporate debtors shall be treated as a distinct person and they are liable to take new registration through IRP/RP w.E.F. The date of appointment of such IRP/RP for management of affairs of the corporate debtors.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.