Disputes Arising Due To COVID-19 Pandemic – GST Implications

The COVID-19 pandemic continues to pose several challenges to the domestic as well as international economic and commercial market. This pandemic has lead to a temporary suspension of global trade operations and brought the world to a standstill. The outbreak has a far-reaching impact on the ability of businesses to honor their commitments, resulting in issues such as businesses taking shelter under force majeure clauses, termination of contracts, forfeiture of advances, re-negotiation of contracts to name a few. Handling these challenging times may require organizations to forecast and evaluate possible defaults in honoring their commitments well in advance and adopt suitable strategies to mitigate the risks.