Assocham against changing fiscal year

Industry chamber Assocham has opposed the reported move by the Centre to change in the fiscal year from April to March, saying it would “cause a huge avoidable disruption at a big cost for the country’s trade and industry.” “To align India with the world by making changes to the calendar year is an unnecessary step with no apparent advantage and there is no tangible reason for this change,” said chamber Secretary-General MD Rawat in a statement. Besides, according to the chamber, the proposed change would not only mean a change in book-keeping but the entire infrastructure in terms of accounting software, taxation systems and human resource practices, a “shift that would cost hundreds of crores of rupees.”