If the financial year changes

Businesses coming to terms with Ind-AS implementation, GST can do without further uncertainty, costs

Section 2 (41) of Companies Act, 2013, which came into force on April 2014, made it mandatory for companies to follow an April-March financial year. Companies following other periods were given two years to migrate. Those who wanted to use periods other than the official financial year needed approval from the National Company Law Tribunal. 

In 2013, there were some 226 listed companies whose financial year did not end in March, while 74 followed the calendar year; 58 had their year ending in September, while 89 had a July-June financial year. A few listed companies followed the financial year ending April