The government and the Insolvency & Bankruptcy Board of India (IBBI) have provided a process to share the information on the companies that suffer the insolvency action as the customs and the GST wings are missing the last date to furnish the claims, which results in extended laws.
The suppliers to the companies, customs, and the GST council could avail of claims as to the operational creditors for the tax dues via companies. However, the claims need to be furnished within 90 days of the start of the insolvency action.
In discussion with the council, the Central Board of Indirect Taxes and Customs (CBIC) specified that there is much more delay in furnishing the claims. Seeing the result shall not be admitted and then it gets finished after the resolution is made.
CBIC has decided to appoint a nodal officer for sharing the data obtained from IBBI with the additional officers in the indirect tax wing of the revenue council. The CBIC officials have asked to make a Whatsapp group with the intention that the information shall be shared in a faster way with the field officers tasked with filing the claims with respect to the companies on the tax dues.
Moreover, the officer is questioned to get the day-to-day updates through IBBI on the latest cases that are been called. Moreover, the tax council shall need to work with the resolution professional who is hired to oversee the mechanism once the firm is the comes beneath the insolvency process.
After that, CBIC has to be updated every month, as the instructions given last week stated. Since 2016 when the IBC kicked in 5258 firms are suffering the insolvency action where 3406 is near 65% were closed by the finish of March 2022. At the start of the fiscal year, there are over 1800 cases that are currently running.
