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Tuesday , 23 April 2019
Breaking News

January 1, 2018 could be the start of the new financial year

High level government sources have revealed that the financial year could be shifted to the January-December cycle from the current April-March cycle. And this major shift could happen as early as 2018. Sources said that the government wants to make this transition happen at the earliest. The April-March fiscal year cycle is a colonial legacy and Modi government wants to change this to reflect the modern times. Globally, many countries have chosen the January-December cycle as a replacement for the April-March cycle. If implemented, it will be a historic moment for the country, since the April-March fiscal year cycle is being followed for more than 150 years now.

If the fiscal year is changed to Jan-Dec in 2018, then the annual Union budget will have to be announced in November this year. A high-level committee is currently looking into all the aspects of the proposed change to the fiscal year cycle. A preliminary report was prepared by the committee and submitted to the Finance Minister last year. NITI Aayog had also supported the shift to the Jan-Dec fiscal cycle since it will help optimal utilization of working season.

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