Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016

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..... GUWAHATI-6 CIRCULAR NO. 135/2021-GST Dated Dispur the 11 th January, 2023 Subject: Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016- reg. No. CT/GST-15/2017/795. - Attention is invited to Circular No.87/2020-GST (No. CT/GST-15/2017/327 dated .....

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..... ed to as Assam GST Act ) as well under the existing laws and the treatment of such statutory dues under Assam GST Act and existing laws, after finalization of the proceedings under IBC. 3. In order to ensure uniformity in the implementation of the provisions of the law across the field formations, the Principal Commissioner of State Tax, in exercise of its powers conferred under section 168 of .....

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..... intimation of such reduction to him and to the appropriate authority with whom recovery proceedings is pending; (iii) any recovery proceedings initiated on the basis of the demand served upon him prior to the disposal of such appeal, revision or other proceedings may be continued in relation to the amount so reduced from the stage at which such proceedings stood immediately before such dispo .....

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..... nder IBC, NCLT serves as an adjudicating authority for insolvency proceedings which are initiated on application from any stakeholder of the entity like the firm, creditors, debtors, employees etc. and passes an order approving the resolution plan. As the proceedings conducted under IBC also adjudicate the government dues pending under the Assam GST Act or under existing laws against the corporate .....

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..... emand, to the taxable person or any other person as well as the appropriate authority with whom recovery proceedings are pending. 6. This Circular is clarificatory in nature and not meant for any interpretation of provisions of the Act and rules. 7. Difficulties, if any, in implementation of the above instructions may be brought to the notice of the Principal Commissioner at an early date. .....

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