We are in process of doing a India Rollout for a Global company which has already implemented in EMEA and APAC. Presently the Global company with HQ in Europe is following IFRS standard as leading ledger and Financial year (Jan to Dec).
Now India follows Fiscal year (Apr to Mar) for Tax and Indian GAAP.
We can use a Non leading ledger to comply with indian GAAP for reporting with Fiscal year (Apr - Mar)
I have the following doubt which even though searched many forums have not got clear answers.
1. For India GST and Withholding tax we will need tax posting and reports in Fiscal year (Apr to Mar) but since the leading ledger will follow the global model it will have Financial year (Jan to Dec). So in this case will the reports will show (Jan to Dec) or (Apr to Mar)?
2. If it shows for (Jan to Dec) as per code settings and leading ledger , how can we get reports for (Apr to Mar)?
3. Asset closing will be as per leading ledger (Jan to Dec). In this case then for India how will we get information (Apr to Mar ) in Asset reports?
If any of you has good solution , please share