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Madhya Pradesh decides to shift to Jan-Dec fiscal format

Madhya Pradesh decides to shift to Jan-Dec fiscal format

Coming in the wake of Prime Minister Narendra Modi's suggestion, the Madhya Pradesh state government has chose to change its financial year to the January-December cycle.

The cabinet decision was made public by the minister for public relations and government's official spokesperson, Dr Narottam Mishra.

A decision to this effect was taken during the state cabinet meeting chaired by Chief Minister Shivraj Singh Chouhan's today.

Change in the fiscal year would mean shifting the tax assessment year, changes in infrastructure, especially at the company level.

It will, however, take quite some time for such a transition to be completed as the nation has become used to March-April financial year which is a 150-year-old practice. "The next budget will be presented in December this year or January 2018", he added.

In accordance with plans to shift fiscal year, Centre had presented the annual budget on Feb 1 this year. Prior to that, India's financial year was from May to April. It said the reason for shifting the financial year to calendar year was also due to difficulties the government faced in collecting statistical data with regard to monsoons and agriculture income.

Mishra further said all principal secretaries of departments and the chief secretary have been directed by the State government to prepare a two year roadmap for their departments. Many ministers are said to have failed to review the progress of campaign in the districts under their jurisdiction.Chouhan said the ministers should tour their home districts and districts under their charge three days a week to review the progress of Gramodaya campaign and take part in Gram Sansad, Mahila Sansad and Kisan Sammelans.



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