India currently follows the traditional April-March financial year but for quite sometime, the government was considering changing it to January-December.
The Narendra Modi led government is unlikely to change the fiscal year to January-December, however, it might advance the Budget presentation date by a fortnight, reported the Economic Times.
India currently follows the traditional April-March financial year but for quite sometime, the government was considering changing it to January-December.
On July 21, Finance minister Arun Jaitley in a written reply to a question in the Parliament said, "the matter of changing financial year is under consideration of the government".
Quoting the government sources, the ET article said, "For now (2018-19), changing the financial year appears unlikely", adding that switching this year would mean the budget would have to be presented by end of October or early November, which is unrealistic.
Besides, with two major economic reforms in name of demonetisation and rolling out of the Goods and Services Tax Bill, the country is already going through a transition, any change of this level will just add on to the confusion.
However, if change in financial year happens, the government will get rid of the 150-year-old British tradition like it did while presenting the Union Budget. This year finance minister Arun Jaitley tabled the Budget on February 1 instead on February 28.
Experts are in view of changing the financial year as it is not linked with international practices as well, and had affected data collection and dissemination from the perspective of national accounts. NITI Aayog also in the past has favoured the arguement.
A parliamentary panel had also earlier suggested that shifting the current financial year to January – December is important.
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