This story is from July 21, 2017

Govt considering to change financial year to Jan-Dec: Arun Jaitley

The matter has been examined recently by a committee constituted by the government under the chairmanship of former Chief Economic Adviser Shankar Acharya. The report of the committee has been received, the Finance Minister said.
Govt considering to change financial year to Jan-Dec: Arun Jaitley
The matter has been examined recently by a committee constituted by the government under the chairmanship of former Chief Economic Adviser Shankar Acharya. The report of the committee has been received, the Finance Minister said.
Key Highlights
  • The government is considering to change the country's financial year to January- December
  • The information was given by Finance Minister Arun Jaitley in the Lok Sabha
  • Currently the financial year is April- March
NEW DELHI: Finance Minister Arun Jaitley on Friday told lawmakers that the government is considering to change the country's financial year to January-December from April-March.
"The matter of changing financial year is under consideration of the government," Jaitley said in a written reply in the Lok Sabha. He was asked whether the government proposes to synchronise the financial year with the calendar year from January.
The matter has been examined recently by a committee constituted by the government under the chairmanship of former Chief Economic Adviser Shankar Acharya.
The report of the committee has been received, the Finance Minister said.
He declined to elaborate whether the budget presentation would be advanced to November or December from February 2018.
A change in the financial year will require amendments to various statues including tax laws during the transitional period.
(With inputs from Agencies)
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