No move to shift fiscal year: Govt

No move to shift fiscal year: Govt

New Delhi: The government on Monday said it is not considering any proposal to either shift the financial year to January-December or to merge Railway Budget with the General Budget.

“There is no move in the ministry of finance, Government of India for any change of financial year from April-March to January-December or for merger of the Railway Budget with the Union Budget", an official statement said.

The clarification comes in wake of media reports that finance ministry is contemplating to merge the Railway and General Budgets and change the financial year.

The financial year runs from 1 April to 31 March and the period is used for government’s annual accounting and taxation purposes.

As for the budgets, the Railway Budget is presented traditionally by the railway minister few days before the General Budget, which is unveiled by the finance minister in the Lok Sabha on the last working day of February.