Ducturus Resolution Professionals Pvt. Ltd.

25/12/2021

03/06/2020

New Facility for IRP/RP to Register on the GST Portal

The government portal introduced a new GST registration feature for all the Interim Resolution Professionals (IRP) and Resolution Professionals (RP). It applies to those cases where the GST registered companies (known as corporate debtors) are going through the Corporate Insolvency Resolution Proceedings (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC).
The appointed IRP/RP should choose the reason as “Corporate Debtor undergoing the Corporate Insolvency Resolution Process with IRP/RP” while registering on the GST portal. The primary authorised signatory will be the IRP/RP himself. Also, the principal place of business/additional place of business will not change and remain the same as the details in the original registration of the corporate debtors. At last, the registration form is submitted on the GST portal using the digital signature certificate of IRP/RP.
Recently, the government had notified that the IRP/RP who undertake CIRP must ensure to follow certain GST norms during that period. The CBIC, in its notification dated 21st March 2020, stated that the IRP must obtain a new GST registration, file GST returns as done earlier by its corporate debtor, claim Input Tax Credit (ITC), apply for GST refunds, etc. A follow-up circular was also issued to clarify about the timelines.
The date of appointment of IRP/RP shall be considered for assuming the GST compliance duties. A specific timeline for registration is given in this notification. An IPR/RP must obtain a new GSTIN within thirty days from the date of his appointment or 30th June 2020, whichever is later. In case of those corporate entities already undergoing resolution under IBC, the time limit for IRP/RP to take new registration shall expire within thirty days from the date of the above notification.
At this point, we may observe that GSTN’s communication about the facility has already been delayed. Nonetheless, since the dates of GST compliances have all been extended until 30th June 2020, it is safe to assume that all IRP/RPs can comply by 30th June 2020.

24/03/2020

Highlights of Today's speech by Honourable Finance Minister and Minister of State in Finance relating to Income tax, GST, Companies Act 2013 Compliance, Insolvency and Bankruptcy Code and Banking services:

* Income Tax*
1. Last date for belated return 30th June and interest rate under section 234b 0.75% pm
2. No extension for delayed deposit of TDS but interest rate .75% p.m instead of 1.5%p m till 30th june
3. Various other dates have been extended to 30th June i.e notice, intimation,appeals, investment in saving instruments, investments in. CGAS, stt, equalization levy, ctt extended due between 20th march and 29th June extended to 30th June
4. Aadhar PAN linking date extended 30th June
5. Vivaad se Viswas scheme extended 30th June. No additional charge between April to June(Addendum to old scheme)

*GST*
1.Last date for filing gst returns for March, April and May and Composition returns extended to 30th June 2020.(Specific regions will be notified)
2. Companies less than 5 crores turnover, no interest, late fees or penalty
3. Bigger companies i.e greater than 5 crores only interest but not no interest or late fees
4. Date for opting composition scheme extended to 30th June 2020

*Companies Act 2013 Compliance*
1. In respect of MCA21 registry, moratorium from 1st April to 30th September
2. For holding board meetings, relaxation for a period of 60 days and this relaxation is till the next two quarters.
3. CARO 2020 is applicable for financial year 2020-21
4. For the year 2019-20, if no meetings of independent directors are not done, it is not a violation in companies act,2013
5.Commencement of business for newly incorporated company extended by 6 more months
6.Company director does not comply with minimum requirements in india, for 182 days or more. U/s 149 it may not be treated as violation
7.provisions of 20% on deposit reserve extended
8. To invest 15% of debentures maturing extended to 2020 June

*Insolvency and Bankruptcy Code*
1.The threshold for default is raised from Rs. 1 lakh to ₹1 crore, to prevent IBC for msme
2. Section 7, section 9 and section 10 of IBC suspended if situation beyond 30th April

*Banking and financial services*
1. Debit cardholders withdrawing cash is free of charge, no banking charges for next three months
2. No minimum balance charges till 30th June
3. Reduced bank charges for digital trade transactions for all trade finance consumers

17/11/2019

Financial Reporting,Taxation,Auditing,Forensic Accounting and Insolvency

17/11/2019

Insolvency and Bankruptcy,