Government studying report on changing financial year, says Arun Jaitley

Financial year is determined based on local requirement of the country, says Jaitley

Union Finance Minister Arun Jaitley said on Friday that the government is studying a report on changing the financial year.

"Everywhere in the world, financial year is determined based on the local requirement of the country. We follow the old British system that has financial year from April to March," Jaitley said.

He said the government had formed a committee and was studying its recommendations. Jaitley, however, refused to give out details of the report.

The minister also said that early passage of the Finance Bill, 2017, which was passed before March 31 this year, would help the government allocate funds to various ministries and states at the beginning of the new fiscal.

"We are studying the report to see if any other reform is needed or not," Jaitley added.