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Photo: Pradeep Gaur/Mint
Photo: Pradeep Gaur/Mint

No extension of the Financial Year, says government

A notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act is being misquoted, the government said

NEW DELHI : The government on Monday said it has not extended the current financial year 2019-20 and it will end as scheduled on March 31. The finance ministry issued the clarification following a fake new circulating in some media reports that the Financial Year has been extended.

"There is no extension of the financial year," the finance ministry said.

The finance ministry said, a notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act is being misquoted. There is no extension of the Financial Year.

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.

Industry has been demanding extension of fiscal year by three months in view of the economic impact caused by outbreak of Covid-19.





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