Government Planning On Changing The Financial Year To January- December, The Matter To Be Discussed By The Committee Soon.

The Modi government is now planning to change the financial year in the country. Nirmal Singh 3C Company says that like an age old tradition, India has been following the system of financial year April to March for about 150 years. Changing the financial year will not only curb the archaic system but also create a lot of disturbances in the economy as of now.

With two major changes brought by the government in less than a year it might be very quick for them to implement another major change in the economy. Nirmal Singh 3C Company says that the citizens of the country faced a hard time after the demonetization. As soon as they got over that they had to mold themselves with the new tax system GST. And they are still struggling to accept both the new changes.

The Narendra Modi government is planning on shifting then financial year form April- March to January-December, this means that the budget would have to be presented in October- November which doesn’t seem practical or duable.  To this the BJP government said that they were also planning to advance the date of presentation of the budget by about 14 days.   

According to Nirmal Singh 3C Company, the change in the financial year would affect all the sectors massively and with the economy still struggling high with the changes after the demonetization and the implementation of the new taxation system, if one more major change is imposed on the citizens of the country then it can cause some serious disruptions and hamper the growth of the economy.

But the Modi government seems quite serious about changing the financial year and coordinating it with the calendar year and according to the sources are willing to soon set a committee to have a discussion on the matter.

Nirmal Singh 3C Company says that Union Finance Minister Arun Jaitley has already written a reply to the question raised in the Lok Sabha about the same. The reason that the government is thinking about the move is that currently the Indian financial system is not in alignment with the international practices and this affects the data collection and the details of the national accounts.

    

“We don’t know that how much time the government is going to take to pass the decision but they are in serious discussions about the matter, and we must be prepared for another major hit in the country by the BJP government,” says Nirmal Singh 3C Company.