Global Economy

No extension of the financial year, clarifies government

The government through a notification, clarified that it has not changed the beginning of its financial year from April 1 to July 1 – as is being claimed by some social media posts.

The beginning of the fiscal year (2020-21) would begin normally on April 1.

The government’s clarification comes after a Gazette notification, which pertained to a change in dates for collection of stamp duties, was doing the rounds in some circles.

The demand to extend the financial year was in light of the shutdown that was put in place to combat the COVID-19 outbreak, as a 15-month year would look financials look better compared to the previous year.

The Reserve Bank of India has in fact announced the change much earlier, on February 15, to align its financial year with the government’s.


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