Topics In Demand
Notification
New

No notification found.

Blog
NASSCOM members' views on change of financial year

April 24, 2017

411

0

Changing the financial year is in news again. Earlier, NASSCOM, in response to the Government initiative to examine desirability and feasibility of changing the Financial year, NASSCOM conducted a member survey comprising of IT/ITeS and E-commerce companies to assess industry’s views and concerns on the issue.

The current financial year has been in practice in India for a very long time and is aligned with the UK system. Globally, different countries have different tax years and therefore multinational companies have to deal different reporting years, depending on their country of operation. 

The response to specific questions posed by the Hon’ble committee members are summarized based on the inputs received from the members. The questions are listed below: 

  •  Is there merit in moving to a financial year (for Central and State Governments) other than the present one and if so what should it be and for what reasons?
  • If the financial year for governments (including the tax year) is changed (irrespective of your preferences), what issues, challenges and difficulties you foresee for the businesses you represent? 
  • Will changes in the financial year under these alternative scenarios entail relatively minor or major transitional costs / disruptions for the businesses your organization represents?
  • Impact of GST Amendment Bill

For the responses please download the attached document. Also, let us know your thoughts in the comments section. 


That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.


© Copyright nasscom. All Rights Reserved.