Lok Sabha Question No. 3616 (UNSTARRED), answered on 2019-07-15
Subject: Change in Financial Year
Ministry: FINANCE
Asked by: Jyotsna Charandas Mahant, Kunhalikutty P.K.

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS

## LOK SABHA UNSTARRED QUESTION No.3616

## TO BE ANSWERED ON MONDAY, 15 TH  JULY, 2019 [Ashadha 24, 1941 (SAKA)]

## CHANGE OF FINANCIAL YEAR

## QUESTION

## US 3616. SHRIMATI JYOTSNA CHARANDAS MAHANT: SHRI P.K. KUNHALIKUTTY:

Will the Minister of FINANCE be pleased to state:

- (a)  whether  the  Government  has  decided  to  change  the  commencement  of  financial  year from January instead of April every year;
- (b) if so, the details thereof;
- (c) whether the Government has taken views of the States ahead of implementing the change in financial year; and
- (d) if not, the reasons therefor?

## ANSWER MINISTER OF STATE (SHRI ANURAG SINGH THAKUR)

- (a) & (b)  No such decision has been taken by the Government.
- (c) & (d)  Question does not arise.

*****

US(SD)

## F. No. 8 (2)-B (SD)/2019 Government of India Ministry of Finance Department of Economic Affairs (Budget Division)

Subject: Lok Sabha Unstarred Question No 3616 to be answered on 15.07.2019 regarding 'change of Financial Year-reg.

We have received Notice & printed version of Lok Sabha Unstarred Question No 3616 for answering on 15.07.2019 on the subject 'Change of Financial Year'. The question has been asked by Shrimati Jyotsna Charandas Mahant, MP and Shri. P.K. Kunhalikutty, MP.

2. It  may be submitted that the Government had constituted a committee to examine the desirability and feasibility of having a new financial year on 6.7.2016 under  the  chairmanship  of  Dr.  Shankar  Acharya,  former  CEA.  The  Committee submitted  its  report  to  the  Government  on  26.12.2016.  No  decision  has  been taken on the recommendation of the Committee, as yet.
3. One  starred  question  and  one  unstarred  question  have  previously  been replied in Lok Sabha on 21.07.2017 and 20.07.2018, respectively.
4. The text of the question and proposed reply are as under:
5. Draft reply is accordingly placed below for approval MOS (Finance).

| Text of the question                                                                                                                                                                                                                                                                                              | Proposed Reply                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ( a) Whether the Government has decided to change the commencement of financial year from January instead of April every year: (a) If so, the details thereof; (b) Whether the Government has taken views of the States ahead of implementing the change in financial year; and (c) If not, the reasons therefor? | (a)& (b) No Sir. The issue of change in Financial Year has been examined by Government through a committee constituted for the purpose. (c) The Committee had obtained views of States/UTs on the subject of change in Financial Year. Majority of States/UT had furnished views to the committee. (d) Does not arise. |

(Nikesh Mudgal) Section Officer (SD)