Govt considering Jan-Dec financial year: Arun Jaitley

A change in the financial year will require amendments to various statues including tax laws during the transitional period.

The Central government is considering to change the country's financial year to January-December from April-March.

"The matter of changing financial year is under consideration of the government," Jaitley said in a written reply in the Lok Sabha. He was asked whether the government proposes to synchronise the financial year with the calendar year from January.

The matter has been examined recently by a committee constituted by the government under the chairmanship of former Chief Economic Adviser Shankar Acharya. The report of the committee has been received, the Finance Minister said.

He declined to elaborate whether the budget presentation would be advanced to November or December from February 2018.

A change in the financial year will require amendments to various statues including tax laws during the transitional period.

The government is engaged in extensive consultation with states and other stakeholders on whether India's financial year (April-March) needed to be changed, after a government-appointed committee recommended a change.

PTI