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Desirability and Feasibility of Changing the Financial Year
Start Date :
Aug 24, 2016
Last Date :
Oct 01, 2016
00:00 AM IST (GMT +5.30 Hrs)
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 ...
New Financial year be begin from January.
Calendar Year- January to December
- Existing budget process leads to spending of resources only post monsoon, since major infrastructure works cannot be done in monsoon and budget approvals happen only by May.
- The change will help work progress over two seasons and help plan well and finish on time
-
Considering major economies of the world have calender and financial year as same, it will be prudent to change the Financial year to Jan - Dec instead of Apr - Mar
The benefits would be
- Better integration with global economy
- Most companies and services conduct a closing audit for December to comply with their global corporations. They will save cost in doing the work multiple times.
Respected Sir,
With reference to the ToR of the Committee headed by Dr Acharya, please find attached the detailed note on the same. The note is attached a pdf file with this post.
Thanks
Saket
The change over to calendar yr as financial year will be beneficial if the advantages outweigh disadvantages. The background given to the discussion does not list these pros and cons. It would have been better had it been done to analyze the issue in its entirety.
Most of the discussions on the desirability of changing the financial year are centred on the seasonality of income, expenses, monsoon, etc., only because government’s revenues come in seasonally…..…… After making the income regular the effects of seasonality are made redundant. And then it does not matter when the financial year starts……....this could simplify the whole budget passage process and ensure the passage of budget and avoid any vote on account. Please see the pdf for all suggestions.
I AM GIVING TWO SUGGESTION FOR NEW FINACIAL YEAR.
(1)OCTOBER - SEPTEMBER.(FIRST PREFERENCE)
(2)JANUARY - DECEMBER. (SECOND PREFERENCE)
Can we implement service tax on Sex Workers as this profession is growing but there is no income of govt from this profession.
Budget Must be presented in the Month of October/November Parliament Session.. and Should b effective from 1st Jan of each Year..
Advantages:
1. complete clarity on Financial Year viz., In the financial year 2016 or 2017
(It will do away with 2016-17 which is more confusing.)
2.Any construction related activity will not kick start because allocation of fund takes place after April and 2 month after that Rainy season starts and there is presure from oct-mar to spend money.
follows
2.