India's Tryst with GST and Accounting Convergence

Abstract

The way business account books are maintained and how the tax computation is undertaken are inter-linked concerns of any business corporation. Both constitute an element of cost and are inversely related. India is at a very interesting stage in its financial history - where the manner in which companies record their transactions and also the manner seeks to tax them is going to change. The phased implementation of IFRS standards and DTC and GST tax regimes raises a multitude of questions.

This paper examines the various issues are likely to arise due to simultaneous application of GST and IFRS.

Keywords: IFRS, GST, Revenue Recognition

JEL Classification: M40