Page 50 - GSTL_11th June 2020_Vol 37_Part 2

J58 GST LAW TIMES [ Vol. 37
being undertaken by Interim Resolution Professionals (IRP) or Resolution Profes-
sionals (RP).
Registration process
To use this functionality, the appointed IRP/RP should choose the rea-
son to obtain new registration in the drop-down menu as “Corporate Debtor un-
dergoing the Corporate Insolvency Resolution Process by IRP/RP” while apply-
ing for registration on the GST portal. Based on the GST Council resolution, the
CBIC issued a notification saying that corporate debtors shall be liable to obtain
new registration through IRP/RP. Accordingly, the IRP/RPs can apply for new
registration on the behalf of corporate debtors within 30 days from their ap-
pointment or by June 30, whichever is later.
The registration can be applied in each of the States/UTs where the cor-
porate debtor was registered earlier.
A corporate debtor undergoing insolvency is liable to furnish its GST re-
turns, make payment of tax and meet all other GST compliances as per the GST
law during the Corporate Insolvency Resolution Process (CIRP) period. Such cor-
porate debtors shall be treated as distinct person and they are liable to take new
registration.
Corporate debtors who have not defaulted in furnishing the return un-
der GST would not be required to obtain a separate registration.
Accordingly, if statements in FORM GSTR-1 and returns in FORM
GSTR-3B for all the tax periods prior to the appointment of IRP/RP have been
furnished under the registration of Corporate Debtor (earlier GSTIN), the
IRP/RP would not be required to take a fresh registration.
In such cases, the IRP/RP is made Authorised Signatory under non-core
amendment and they can continue using the same GSTIN.
[Source : Business Line, New Delhi, dated 1-6-2020]

Reimagining GST for the post-COVID era
There appears to be a common wish list for all stakeholders in the new
economic paradigm - that the Goods and Services Tax (GST) Council reverse its
role; from making recommendations on how to tax to transforming itself into an
institution invigorating economic revival. For one, this wish list is clearly terra
firma. The constitutional framework, with the enactment of a specific provision -
Article 279A - has literally entrusted the entire policy space on Indirect Taxes to
the GST Council, which brooks no limitations.
In the light of such a mandate, the expectations are high from the up-
coming GST Council meeting. Without doubt, revival of economic activity
should overwhelm its agenda. However, what exactly can the GST Council dwell
upon? The answer perhaps lies in reimagining GST for the post-COVID era.
The Union Government recently announced a host of measures, seeking
to support industries and businesses to get back on their feet. With such liquidity
and fiscal support and expectations of further indulgence by the Government,
there is no doubt that business entrepreneurs will pull out all the stops to make
up for the losses on account of the lockdown. This takes care of the production
wheels. The challenge that now remains to be addressed is on the demand side

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