The government has clarified issuing a notification that it has not changed the beginning of its financial year from April 1 to July 1 as states a piece of news circulating in some section of media and on social media that the financial year has been extended. The government confirms such news of extension being false.
No extension has been made to the financial year from April to March, has clarified the government specifically.
The government said that it had issued a notification on 30 March 2020 about some other amendments done in the Indian Stamp Act which have been misquoted in the news about extending the financial year.
According to the finance ministry, the department of revenue had issued a notification pertaining 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 1 April 2020. However, due to the lock-down amid coronavirus, the decision to postpone the date of implementation to 1 July 2020.