Change in fiscal year under consideration, says Arun Jaitley

The government is considering changing the April-March financial year to the calendar year. This follows a slew of far-reaching steps such as merging the railway budget with the Union Budget, advancing the date of presentation of the Union Budget, and introduction of the goods and services tax (GST).

The change will require the government to advance presentation of the Union Budget to November-December, which is unlikely this year.

“The matter of changing the financial year is under consideration of the government,” Finance Minister Arun Jaitley said in a written reply in the Lok Sabha. He was asked whether the government proposed to