Fact Check || No, India Has Not Extended it's Financial Year Beginning To July 1

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Its not financial year extension,
Its stamp duty act modified.
e-stamp compulsory from 1.7.2020 instead of 1.4.2020

The government has not changed the beginning of its financial year from April 1 to July 1 -- as is being claimed by some social media posts -- the Centre clarified today.

The beginning of the fiscal year (2020-21) would begin normally on April 1.

The government's clarification after a Gazette notification, which pertained to a change in dates for collection of stamp duties, was doing the rounds in some circles.

"This notification pertains to some changes in Indian Stamp Act where stamp duty on security market instruments shall be collected through stock exchanges and depositories. This was to get implemented from 1.4.2020 but is now pushed to 1.7.2020 due to current situation," said a government official.

The buzz around the extension of the current financial year also comes amid requests from certain quarters of the industry, which have requested the government to start FY2021 from July 1 instead of April 1.

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