October 22, 2017

Financial year may be changed from 2018

India could shift its financial year from 2018, as the Centre appears set to make the historical transition to end the 150-year-old tradition of an April to March fiscal.
This would be another historic change after advancement of the budget presentation to 1 February this year, ending the decades-old practice of presenting the annual exercise in the last week of February.
Significantly, the budget has been present in the last week of February. According to the proposal, the budget session of Parliament will be called a lot before December, so that the budgetary tasks can be completed by the end of the year. Sources said that as it takes about two months to complete budgetary tasks. In such a situation, the budget session can be called in the first week of November.
Advocating starting of the financial year from January, the Prime Minister had said that there is a need to develop such a strong system that can work properly in diversity. The PM had said that “Because of poor time management, many good initiatives and schemes had failed to deliver the anticipated results,” According to sources, Madhya Pradesh has become the first state to announce its financial year from January to December.
At present, the financial year starts on 1st April and ends on 31 March. This form of financial year was implemented in 1867. This was done to do so in accordance with the British financial year. Prior to that, the financial year in India ended on May 30 and ends on April 30.

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