Insight On IND AS V/s GST

Introduction

In today's time, neither Goods and Services Tax ('GST') nor accounting under IND AS is novel and though most of the principles under both the concepts are aligned but still there are notable differences. The said differences if not understood and addressed properly will lead to uninvited litigations. IND AS has been brought in India in a phased manner since 01 April 2015 and it is applicable to specific categories of companies as per the roadmap laid down by the Ministry of Corporate Affairs. The old Accounting standards (AS) continue to apply to other categories of companies and other non-corporate entities. It's a myth that IND AS adjustments don't get recognised under GST Law. However, it's not true which you may be better understood by the end of this note.