Madhya Pradesh has become the first state to adopt a January to December fiscal year.
The decision was made in a cabinet meeting led by chief minister Shivraj Singh Chouhan on Tuesday May 02,2017
Prime Minister Narendra Modi recently encouraged states to adopting this idea.
Following a proposal from Modi, the Centre is in consultation with the states to have a January to December financial year, doing away with the old tradition of financial year starting on April 1 and ending on March 31. The system was adopted around 150 years ago during British rule.
In accordance with plans to shift fiscal year, Centre had presented the annual budget on Feb 1 this year.
Once the country switches to January to December financial year, it will align with fiscal years of several economies globally.
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