Coronavirus: The government acknowledged there used to be no extension of the financial year.
The financial year has no longer been extended till June this year in ogle of the coronavirus outbreak, the Finance Ministry acknowledged on Monday, refuting media experiences.
“There’s a incorrect recordsdata circulating in some piece of media that the financial year has been extended. A notification issued by the Authorities of India on 30th March 2020 with admire to one other amendments carried out in the Indian Mark Act is being misquoted. There may possibly be not always a extension of the financial year,” the Finance Ministry acknowledged in an announcement.
The statement came after experiences acknowledged that the government had extended the original fiscal by three months to develop it a 15-month financial year to abet industry cope with the industrial affect of the COVID-19 pandemic.
The experiences claimed that an decent notification acknowledged the 2020-21 fiscal will initiate from July 1, 2020 as but any other of April 2020.
Officials acknowledged a gazette notification issued leisurely on Monday evening used to be about the date of applicability of designate responsibility which has been modified from April 1 to July 1.
There possess been requires in enterprise circles for the extension of the fiscal year by three months in ogle of the industrial affect triggered by outbreak of COVID-19.
Whereas the government has no longer but responded to the demand, final week Finance Minister Nirmala Sitharaman unveiled a Rs 1.7 lakh-crore fiscal stimulus bundle to abet the dejected and migrant workers.
Share markets ended lower on Monday as coronavirus cases in Asia’s third-largest economy rose to over a thousand, stoking concerns about the affect to companies and boost.
Investor caution has remained even after the Reserve Bank of India on Friday announced a slew of measures to cushion the industrial affect from the virus, collectively with a 75 basis-level rate lower.