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Dear Professional Colleagues,

Greetings of the Day !


Office of the Commissioner of the State Goods and Services Tax Department has issued an update regarding Kerala SGDT Dept. issues SOP for IBC cases before NCLT dated November 21, 2023.

 

Highlights

  • Kerala SGST Department issues Standard Operating Procedure for NCLT cases to safeguard Revenue’s interest in situations where claims in the corporate insolvency resolution process (CIRP) get unnotified due to failure to submit timely claims before the Resolution Professional (RP);
  • Attributing the reason to non-receipt of information regarding the initiation of CIRP which ultimately leads to extinguishment of unnotified claims once resolution plain is approved, appoints the 'Deputy Commissioner of State GST, Kerala' as the State Nodal Officer (SNO) for receiving and disseminating information regarding CIRP initiation from IBBI;
  • Tasks the SNO with promptly sharing the information regarding insolvency process with all Joint Commissioners (Taxpayers Services) (ie within 3 days) and further, entrust the JCs with communicating this information to the respective Taxpayer Services Circle/Division and to the District Nodal Officer (DNO), to ensure timely filing of claims before the RP and subsequent follow-up action Additionally, makes it obligatory for the Taxpayer Services Circle to daily check public announcements for any new parties entering insolvency and in case of arrears, file claims using Form-B along with all relevant documents before the RP;

Hope you find it interesting and useful to read.

For any clarification/ feedback, feel free to write us at amrg@amrg.in.


Best regards,

AMRG Team


   


About Us

AMRG & Associates is an established Chartered Accountants firm. It came into existence in 1984 and since then has grown its branches across major Indian cities such as Delhi, Mumbai and Chandigarh. Since its inception, it has become one of the leading chartered accountants’ firms in North India. AMRG & Associates offers its clients a wide range of exceptional services through the expertise of its highly motivated group of trained professionals. The firm provides expertise in financial and business advisory, tax and regulatory, audit and assurance and risk advisory services.

AMRG & Associates has a client base of 200+ companies & individuals. The firm's approach to service delivery helps to provide value-added services to its wide clientele. Our differentiation is derived from a rapid performance based, industry-tailored and technology-enabled business advisory services delivered by talented professionals in the country.


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© -2023 AMRG & Associates All Rights Reserved. This document has been written for the general interest of our clients and professional colleagues and is subject to change. This document is not to be construed as any form of solicitation. It is not intended to be exhaustive or a substitute for legal advice. We cannot assume legal liability for any errors or omissions. Specific advice must be sought before taking any action pursuant to this document.


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