Recent Update Under GST Compliance Clarification Issued by CBIC

As per the recent update, the registered persons were facing certain challenges or issues in the implementation of provisions of GST Laws, and on 06th May 2020 CIBIC which stands for the Central Board of Indirect Taxes These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike income tax). For example, GST, Sales Tax, VAT, Custom Duty and Octroi Tax and Customs issued a circular providing clarification for the same.
The released circular is addressing the Principal Chief Commissioners of Central Tax along with the Principal Director Generals / Director Generals. And it is issuing clarification on certain challenges or issues registered persons are facing.

According to the released circular, Interim Resolution Professional (IRP) or Resolution Professional (RP) is now needed to get registration within 30 days of the appointment of the IRP/RP or by 30th June 2020, whichever occurs later. The circular further 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),”.

The clarification also states that the change in the GST system View the full comparison report between old and new GST return filing system in a systematic manner. The new system will be applicable from July 2019 may be carried out by an amendment in the registration process or form, this type of changing the authorized signatory can be performed by the authorized signatory of the Company who is authorized to add IRP /RP as a new authorized signatory or failing that it can be added by the concerned jurisdictional authorities as per the request made by IRP/RP.

The released circular is addressing some COVID-19 related representations and in-between all these, it states that “The 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,”.