Prime Minister pitches for shifting fiscal year at NITI Aayog’s meeting

Prime Minister Narendra Modi has recently pitched for shifting the financial year from existing April-March to January-December.

While addressing the NITI Aayog’s Governing Council third meeting in New Delhi, Prime Minister said that for long India had suffered from economic and political mismanagement.

The meeting registered the participation of several state chief ministers, reported the LiveMint.

“Because of poor time management, many good initiatives and schemes had failed to deliver the anticipated results,” the Prime Minister said.

On the Goods and Services Tax (GST), he asked the states to make legislative arrangements “without delay” for the rollout of the indirect tax regime from 1 July.

The GST, which will subsume central excise, service tax, Value Added Tax (VAT) and other local levies, is scheduled to be rolled out from 1 July.

“There have been suggestions to follow January to December as financial year. The prime minister asked the states to take the initiative in this regard. Currently, India follows April-March as a fiscal year,” he added.

At the NITI Aayog meeting, Prime Minister also made a push for holding simultaneous elections for state assemblies and Parliament.

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