No extension of Financial Year, clarified by Government
The Central Board of Indirect Taxes & Customs clarified that the government has not changed the beginning of Financial Year (FY) from April 1 to July. As there has been buzz in some social media posts about the same.
Central Board of Indirect Taxes & Customs (CBIC) tweeted ”No extension of the Financial Year: There is a fake news circulating in some section of media that the financial year has been extended.”
The start of the financial year (2020-21) will normally commence on April 1. The clarification from the government came after a notification from the Gazette, which related to a change in dates for collecting stamp duties, was completing the rounds in some circles.
“This notification pertains to some changes in Indian Stamp Act where stamp duty on security market instruments shall be collected through stock exchanges and depositories. This was to get implemented from 1.04.2020 but is now pushed to 1.07.2020 due to current situation,” said a government official.
The noise around the extension of the current financial year also comes in the midst of requests from some parts of the industry that have insisted on the government to launch FY 2021 from July 1 instead of April 1. The requirement came in light of past weeks shutdown to tackle the COVID-19 outbreak, as financials of 15-month year would look better than the previous year’s financials.
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