Financial Year
The word Financial Year has not been defined in any of the Act relating to GST. Therefore, the meaning of the Financial Year as provided in General Clauses Act can be adopted.
Section 3(21) of the General Clauses Act, 1897 defines Financial Year as follows:—
‘(21)”financial year” shall mean the year commencing on the first day of April;’
It means the period commencing on the 1st Day of April and ending on 31st March. Therefore, the Financial Year would always be consisting of twelve months from 1st April to 31st March. Thus, the Financial Year for 2019-20 would be period of 1st April 2019 to 31st March 2020.