30 C
Guwahati
Friday, September 23, 2022
More

    No Extension Of Financial Year: Centre

    The finance ministry said that a notification issued by the Government of India on March 30th, 2020 with respect to certain other amendments done in the Indian Stamp Act is being misquoted

    Putting all speculations to rest, the Centre stated it has not extended the current financial year 2019-20 and it will end as scheduled on March 31st, 2020.

    The Ministry of Finance has issued the clarification following a fake new circulating in “some sections of media” claiming that the Financial Year has been extended.

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

    The finance ministry said that a notification issued by the Government of India on March 30th, 2020 with respect to certain other amendments done in the Indian Stamp Act is being misquoted.

    The finance ministry said that a notification has been issued by the Department of Revenue, Ministry of Finance on March 30th, 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,” the Finance Ministry stated.

    The Ministry added, “This change was earlier notified to be implemented from April 1st, 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to July 1st, 2020.”

    The industry has been demanding an extension of the fiscal year by three months in view of the economic impact caused by the outbreak of pandemic coronavirus.

    Prime Minister Narendra Modi had announced a 21-day nationwide lockdown in his address on March 24th, 2020 as a measure to tackle the transmission of coronavirus that has infected 1,117 people and killed 32 in India so far.

    Photo credit: im.rediff.com

    Published:

    3 COMMENTS

    Follow TIME8.IN on TWITTER, INSTAGRAM, FACEBOOK and on YOUTUBE to stay in the know with what’s happening in the world around you – in real time

    First published

    ট্ৰেণ্ডিং