CBIC issued Norms for Recovering Tax Dues from Insolvent Companies

Current Context: The Central Board of Indirect Taxes and Customs (CBIC) has issued certain norms to ensure the timely recovery of goods and services tax (GST) dues from companies undergoing liquidation.

• The tax body observes inordinate delays in filing claims.
• To overcome that CBIC nominated a nodal officer to ensure the filing of claims with the Insolvency and Bankruptcy Board of India within 90 days of the commencement of the process.
• Whichever company undergoing insolvency is liable to furnish its GST returns, pay tax, and meet all other compliance as per the GST law.
• Once the winding-up order has been passed then tax officers are not liable to ask anything from the company.
• The nodal officer must submit monthly reports on pending arrears and NCLT orders.
• This step has been taken to protect government revenue stuck in IBC matters.

Question:

Q.1 As per the new rules of CBIC nodal officer should ensure to file a claim with IBBI within how many days?
a. 180 days
b. 90 days
c. 120 days
d. 60 days