Financial Year Likely To Be Changed From 2018; Budget In November?
By Team Legistify / 2017-07-01

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Come 2018 and the financial year in India could commence from January instead of April as the centre appears set to make the historic transition to end the 150-year-old tradition.

Accordingly, the next Budget could be presented by the centre in November this year, high level government sources told PTI on Monday.

The sources said the government is working on aligning the financial year with the calendar year after Prime Minister Narendra Modi pitched for a change.

This would be another historic change after advancement of the Budget presentation to February 1 this year, ending the decades-old practice of presenting the annual exercise in the last week of February.

According to the proposal under discussion, the Budget session of Parliament would have to be held well before December so that the budgetary exercise can be concluded by the year-end.

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