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Interim resolution professionals managing various companies, under the insolvency process have raised various issues in respect to notification, under which separate GST registration is required for such companies, in order to file fresh returns from the time the insolvency proceedings began. IRP appointed under the Insolvency and Bankruptcy Code (IBC) have already approached the finance ministry to seek clarity regarding the Central Board of Indirect Taxes and Customs (CBIC) notification.
IRP’s need clarification on whether separate goods and service tax registration was mandatory for the companies undergoing insolvency and another part , whether the registration is needed to be taken in all locations of the premises they have. They also seek clarity on the category of registration, the mechanism of invoicing and transition of input tax credit balance between corporate debtor and the IRP.