Prime Minister Narendra Modi is keen for yet another reform after Demonetisation and GST. The next move could be change of Financial Year.
Union Government is seriously considering the change of Country's financial year from April-March to January-December. Finance Minister Arun Jaitley informed Lawmakers about it in a written reply in Lok Sabha on Friday.
Jaitley told Possibility of synchronizing Financial Year with the Calendar Year from 2018 is being studied by Government appointed panel headed by Former Chief Economic Adviser Shankar Acharya. Already, The Committee had submitted its report to the Finance Ministry. Any changes to the Financial Year can happen only after amendments to the existing Tax Laws.
Finance Minister refused to clarify whether or not Budget Presentation would be advanced to November or December from February 2018.
Union Government is seriously considering the change of Country's financial year from April-March to January-December. Finance Minister Arun Jaitley informed Lawmakers about it in a written reply in Lok Sabha on Friday.
Jaitley told Possibility of synchronizing Financial Year with the Calendar Year from 2018 is being studied by Government appointed panel headed by Former Chief Economic Adviser Shankar Acharya. Already, The Committee had submitted its report to the Finance Ministry. Any changes to the Financial Year can happen only after amendments to the existing Tax Laws.
Finance Minister refused to clarify whether or not Budget Presentation would be advanced to November or December from February 2018.