Which state announced the shift of financial year from March - April to Jan

2017

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which state announced the shift of financial year from March - April to Jan - December?

A	Kerala
B	Goa
C	Madhya Pradesh
D	Assam

Explanation:

Detailed explanation-1: -UPSC Mains. Q. Which state has become the first Indian state to shift to to January to December financial year? Notes: Madhya Pradesh has become the first Indian state to announce shifting of its financial year format to January-December starting from 2018, as against the current practice of April-March cycle.

Detailed explanation-2: -On 4 May 2017, Madhya Pradesh announced that it would move to a January–December financial year, becoming the first Indian state to do so.

Detailed explanation-3: -Madhya Pradesh was first state to adopt the new financial year.

Detailed explanation-4: -The first month of the Hindu calendar will start from March-April. Hence, this may be one of the reasons why the Indian government also thought of starting the financial year from April to March in India. Apart from this, the financial year also follows the crop cycle.

Detailed explanation-5: -The Indian Financial Year In India, the fiscal year starts on April 1 and ends on March 31. AY 2023-24 will be the review year for FY 2022-23. In certain circumstances, the financial year may vary from the previous year.

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