HYDERABAD: The government of India clarified that the beginning of its financial year has not been changed. Reports came as the next financial year would start from July this year. But no truth in the news, the beginning of the fiscal year (2020-21) would begin on April 1. Ministry of Finance took to its Twitter and tweeted that there is a fake news ciriculating in some section of media that the financial year has been extended but there is no extension of the Financial Year.
In the press note released by Ministry Finance, India stated that, ‘The finance ministry said that a notification has been issued by the Department of Revenue, Ministry of Finance on 30th March, 2020 which relates to certain amendments to the Indian Stamp Act. It pertains to putting in place an efficient mechanism for collection of Stamp Duty on Security Market Instruments transactions through Stock Exchanges or Clearing Corporation authorized by Stock Exchanges Depositories.
This change was earlier notified to be implemented from 1st April, 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to 1st July 2020’.