Force Majeure Clause
- At the 41st meeting of the Goods and Services Tax (GST) Council, the finance ministry revealed that the Centre would not be able to make good the shortfall.
- Now, the businesses are looking towards a legal provision - the Force Majeure (FMC) or “Act of God” clause to cut losses.
- Back in February, 2020, the Ministry had issued an office memorandum clarifying that the pandemic “should be considered a case of natural calamity and FMC may be invoked, wherever considered appropriate”.
About FMC
- The term ‘force majeure’ refers to ‘an event or effect that can be neither anticipated nor controlled’.
- It is ....
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