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No plan to shift to Jan-Dec financial year: Gangwar
Though discussions on shifting the financial year to January-December instead of April-March are still on within the government, the change will not happen next year, according to Minister of State for Finance Santosh Kumar Gangwar.
New Delhi : Though discussions on shifting the financial year to January-December instead of April-March are still on within the government, the change will not happen next year, according to Minister of State for Finance Santosh Kumar Gangwar.
In order to start the next financial year from January 2018, the government needs to present the Union Budget some time in November, which does not seem to be possible.
In order to start the next financial year from January 2018, the government needs to present the Union Budget some time in November, which does not seem to be possible as the process is time-consuming and has to be kicked-off well ahead, the minister said.
“These are points of discussion in the government. For now, consider March as the end of this fiscal year,” Gangwar said in an interview. After Finance Minister Arun Jaitley in the current Parliament session said the government was considering changing the financial year to January-December, speculation has been rife about the switchover in 2018.
However, there was no official confirmation either way on this and the government continued its stance of discussions are on.
Experts were of the opinion that the mammoth change was not likely to happen so soon after implementation of the GST from July 1, as the shift involves a lot of operational issues, including cutting short the year to three quarters.
