Desirability and Feasibility of Changing the Financial Year

Desirability and Feasibility of Changing the Financial Year
Last Date Oct 01,2016 00:00 AM IST (GMT +5.30 Hrs)
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The Government of India has appointed a Committee chaired by Dr. Shankar Acharya, former chief economic adviser, to examine the desirability and feasibility of having a ‘new ...

The Government of India has appointed a Committee chaired by Dr. Shankar Acharya, former chief economic adviser, to examine the desirability and feasibility of having a ‘new financial year’. Other distinguished members of the Committee are Shri K M Chandrasekhar, former Cabinet Secretary, Shri PV Rajaraman, former Principal Finance Secretary, Tamil Nadu and Dr. Rajiv Kumar, Senior Fellow Centre for Policy Research.

Presently, the financial year followed by governments in India runs from 1st April to the following 31st March.

This issue was last examined by the L K Jha Committee in 1985, whose recommendation to move to a financial year of January 1- December 31 (for Central and State Governments) was then not accepted by the then Government.

There are many arguments for and against the change in financial year which revolve around issues of budget and cash management by government, seasonality of government revenues and expenditure, impact of Monsoon on budget forecasting, working season, timelines involved in the legislative cycle of passage of Budget by the Parliament, international comparability of fiscal statistics, aligning government’s financial year with year for tax assessment and corporate accounting purposes. Some arguments are less on the intrinsic merit or demerit of the change but rather on the timing of the change when the change coincides with other developments impacting businesses.

This Discussion Forum seeks to invite inputs from everyone interested in this issue.

We welcome your comments, suggestions, information and documents on the Committee’s Terms of Reference and issues related to it. Please provide these latest by 30th September, 2016.

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Showing 817 Submission(s)
SANTHOSHKUMAR JAYAKUMAR 3 years 12 months ago

Dear Sir

Greetings! Thanks for considering our views.
I would like if the financial year starts from Jan to dec as it will be easy for us to be inline with global.
One more thing that i would like to emphasize is there should be interim monitoring mechanism to show the progress on a quarterly basis.This will help us to improve ourselves.
As well as a SMART(Specific, Measurable, Achievable, Realistic and Time bound) goal to be laid down.

Chetan Naik 3 years 12 months ago

Dear sir our country is formerlly called as Hindustan so please set the financial year starting from Chaitra and ending from Phalguna.

Thangavel Radhakrishnan 3 years 12 months ago

No doubt about it that our country must have her own policies and programmes and not just following the age-old British-era rules and policies. It is high time, we must change all the old policies and programmes as followed by the British and change to our own needs and necessities of the present day requirements, which governs the old policy of general budgeting and railway budgeting separately. We can club together and make one budget either during Jan or Feb as it may aptly suit to the govt

G RAVI KIRAN 3 years 12 months ago

Respected Sir,
This is m submission regarding volunteer financial contribution of funds towards Defence sector,prime ministers relief fund and various schemes
My suggestions are as follows
1.Right now most of the citizens are using Internet banking .In this please provide one e donation button and link all these schemes such as contribution towards defense,PRF etc.,,people will deposit their volunteer contribution without any difficulty and also give income tax relief receiptonline.

Rajib Newpane 3 years 12 months ago

Changing of period is not the solution for changing the financial status. It creates lot of problem to keep the older records of finance. I don't think this is good step.all financial policies better achievement is depend on the actual implementation according the ground report, which have a lot of discremencies and result seems negative. I have the recomndtn to the financial adviser to look after the ground aspects to gain success in policy implementation. Don't touch the basic steering of FY.

Sudhir Ashta 3 years 12 months ago

The Draft NEP-2016 as visible here, appears to be a piece of half-hearted work which is highly subjective in nature with hardly any objectivity. It may again be an OWNBO(Old Wine in New Bottle). What our Education system needs today is 'Metamorphosis' and not a mere correction of the existing system.

1. There should be complete sync throughout India.
2. Across India all must read same subjects with same books- Only the Geography and History should have some Chapters relevant to the State

Sudhir Ashta 3 years 12 months ago

3. All Schools must have same Subjects- Numbers and Descriptions.
4. All Schools must open on the same day. 01-Jul and Close on 15-May. 16May to 30Jun shall be the Summer Vacation.
5. There should be Three Evaluation Tests which should be conducted during regular School Hours and should not be conducted for more than 3 days.
First Test- 16-Aug
Second Test- 01-Oct
Third Test- 15-Feb

Sudhir Ashta 3 years 12 months ago

6. Third Test should be evaluated for completion of HomeWork and UpKeep of TextBooks and NoteBooks.
7. There should be 1 Half Yearly and 1 Annual Exam.
8. Winter Vacation Should be from 1st Navratra to Bhai Duj
Half Yearly- Just After Winter Vacation.
Result Declaration- After 15 Days of Last Exam
Annual- From 01-May. Only 1 Subject Paper each day.
Preparatory Leave from 20-Apr
Result Declaration- 15May

Sudhir Ashta 3 years 12 months ago

9. School Should Work only from Monday to Friday from 8 AM to 5 PM with 12N to 1PM Lunch. 8to9 Shall be Assembly Time. Each Period Shall be 1 Hour Duration.
10. There shall be regular Home Work and sometimes surprise tests.
11. There shall be at least 1 period for Physical Training Every Day duly spaced for each class.
12. School Should celebrate I-Day, R-Day and Annual-Day.
13. From 15-Jan to 25-Jan Annual Sports should be Conducted.
14. Extra Curricular Actvities must be conducted

Rahul Sheth 3 years 12 months ago

New Tax Reform are also Needed as per the
To reform
1. All Taxes and Duties of Central ,State and Local body Government except customs or import duties which functions as International Trade Balancer.
2. There are only Bank Transaction Tax(BTT) of only 2%(Deduct from the receiver's account)
No other Tax on people
3. Withdrawal of the all high denomination currency (500 & 1000 rs Note)
By this we can
1. stop/recover black money
2. No Kidnapping
3. focus on innovati