CBIC issues clarification on treatment of statutory dues where proceedings are finalised under IBC
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- By Chetan Kulasri
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- Last Updated on 29 December, 2022
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Circular No. 187/19/2022-GST dated December 27th, 2022
The CBIC has clarified that proceedings conducted under IBC also adjudicate the government dues pending under the CGST Act or under existing laws against the corporate debtor and it would be covered under the term ‘other proceedings’ in Section 84 of CGST Act.
Therefore, in cases where a confirmed demand for recovery has been issued by the tax authorities for which a summary has been issued in FORM GST DRC-07/DRC 07A against the corporate debtor, and where the proceedings have been finalised against the corporate debtor under IBC reducing the amount of statutory dues payable, then the jurisdictional Commissioner shall issue an intimation in FORM GST DRC-25 for reducing such demand.
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