The government on Monday said that the financial year had not been changed.
India’s financial year begins on April 1. A notification issued by the Centre on implementation of provisions of the Indian Stamp Act was taken by some people as a change in the financial year but the government termed it as “fake news”.
“A notification has been issued by department of revenue, ministry of finance dated March 30, 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 April 1, 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to July 1, 2020,” the finance ministry said in a late night statement.