PM Modi supports January-December fiscal year

PM Narendra Modi showed his backing for a January-to-December fiscal year at a meeting of the Niti Aayog's governing council on Sunday. This move could cause a reworking of dates for budget presentation and the financial calendar, including filing of tax returns. The current financial year in India & mdash April to March & mdash was adopted in 1867, primarily 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 & quot without delay& quot for the rollout of Goods and Services Tax (GST) from July 1. Stating that in a country where agricultural income is exceedingly important, budgets should be prepared immediately after the receipt of agricultural incomes for the year. He also urged CMs to carry forward the debate on simultaneous Lok Sabha and assembly elections. The budget presentation date was advanced from the last day of February to February 1 this year. Modi had also set up a committee to examine the possibility of changing the financial year, which begins on April 1. Addressing the gathering as “ Team India” , Modi said that we have assembled here to discuss and reflect on ways to prepare the country for changing global trends. It is the collective responsibility of this gathering to envision the India of 2022 - the 75th anniversary of Independence - and see how the nation can swiftly move towards achieving these goals, he added. Speaking of the historic change in budget presentation date, the PM said this would enable timely availability of funds at the beginning of the financial year. Modi said the vision of 'New India' can only be realised through the combined efforts and cooperation of all the states.