Prime Minister Narendra Modi on Sunday supported the idea of shifting to a January-to-December fiscal year, a move that could involve a reworking of dates for budget presentation as well as filing of tax returns. He was addressing the CMs at the Niti Ayog governing council meeting.
The current financial year in India - April to March - was adopted in 1867, principally to align the Indian financial year with that of the British government. Earlier, India's financial year used to commence on May 1. While Modi did not set a deadline for the transition in the financial year, he urged the states to make legislative arrangements "without delay" for the rollout of Goods and Services Tax (GST) from July 1.
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Modi backs January-December fiscal year
By IndianMandarins - 2017-04-24 10:25:04
Prime Minister Narendra Modi on Sunday supported the idea of shifting to a January-to-December fiscal year, a move that could involve a reworking of dates for budget presentation as well as filing of tax returns. He was addressing the CMs at the Niti Ayog governing council meeting.
The current financial year in India - April to March - was adopted in 1867, principally to align the Indian financial year with that of the British government. Earlier, India's financial year used to commence on May 1. While Modi did not set a deadline for the transition in the financial year, he urged the states to make legislative arrangements "without delay" for the rollout of Goods and Services Tax (GST) from July 1.
