India’s fiscal year could be starting from January 1

A committee has recommended change in the financial year starting April 1, and the government is considering the report.

Finance Minister Arun Jaitley, while replying to questions in the Lok Sabha, said that while the report is under consideration, it would be unfair to disclose the recommendations of the committee and government’s view.

In all probability, the committee has recommended starting the financial year from January 1, same as the calendar year.

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As per Jaitley, Indians are following the tradition laid out by the British. He added that while some countries start new fiscal from January, some even have it from June.

He added that one aspect of the budgetary exercise was implemented with the Union Budget being advanced to February 1.

(Image source Paychex)