No Change in Financial year Likely

New Delhi Aug 29: A reform may be delayed.
Sources say that Central government may not change the financial year to January-December this year.

Experts say that the shifting would mean the Union Budget would have to be presented by end of October or early November, which is practically not possible.

However the government may further advance the date of the Budget presentation by a fortnight or so because the government had presented the Budget on February 1 this year. India currently follows April-March financial year.

The government earlier set up a committee to deliberate the issue. Finance Minister Arun Jaitley told the Parliment that the issue of changing the fiscal year is under consideration.

the following reasons are being looked out for not changing the financial year

* introduction of the Goods and Services Tax (GST)

* demonetization of RS 500 and Rs 1000.

* change in the financial year would further lead to disruptions.

* elections are scheduled to be held in 2019

* many states are not okay with the proposal to change the fiscal year.