IRPs stand for Interim resolution professionals which are managing various companies under the insolvency process, released a notification recently. In its IRP flagged several issues, requiring separate GST registration for such companies to file a totally new or fresh return from the time the insolvency proceedings began.
IRPs who are designated under the Insolvency and Bankruptcy Code (IBC)
They wanted to understand if the separate goods and service tax registration was mandatory for completing compliance of the company undergoing insolvency, or whether it is needed to be taken in all locations where it has premises.
As per source said, “They also want clarity on the category of registration, the mechanism of invoicing and transition of input tax credit balance between the corporate debtor and the IRP”. said.
One another source further added on the condition of anonymity that, “Clarity on the process of surrendering the GST registration