GST Repercussion on Financial Reporting under IND AS Regime

Abstract

Indian economy witnessed the biggest reform ever seen since independence is the GST introduction and application of accounting standards converged with Global standards, namely, IND AS. Both GST and IND ASare scorching topics of the period, as taxing goods or services and accounting can be seen as dependent on each other as they go in tandem with each other. Changes can be witnessed in the field of business, finance, accounting and reporting due to the GST move in India along with changes in tax command. Financial information is the primary source of information to the users to know about the performance of the company, which is prepared by considering the guidelines of IND AS and the transaction value is determined by considering GST law. This paper intends to bring light to the area of impact of GST on reporting of financial performance under the IND AS regime by considering GST aspects like an input tax credit, revenue recognition, events treatment etc.., for this purpose, both primary and secondary data has been used. Analysis is done by using some statistical tools, test, graphs, and tables. With GST introduction, every business has changed and do with accounting practices; an attempt has been made to trace such changes and their impact.