The Ministry of Finance on Monday rebutted reports claiming that the Financial Year was being extended. Issuing a clarification, the Ministry of Finance told news agency ANI that a notification issued by the Government of India was being "misquoted".
"There is fake news circulating in some sections of media that the financial year has been extended. A notification issued by the Government of India on 30th March 2020 with respect to some other amendments done in the Indian Stamp Act is being misquoted. There is no extension of the financial year."
The Financial Year has not been extended, Ministry of Finance tells ANI.
Finance Ministry said that a notification has been issued by the Department of Revenue, Ministry of Finance dated March 30, 2020, which relates to certain amendments in the Indian Stamp Act. It pertains to putting in place an efficient mechanism for collection of Stamp Duty on Security Market Instruments transactions through Stock Exchanges or Clearing Corporation authorized by Stock Exchanges Depositories. This change was earlier notified to be implemented from April 1, 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to 1.7.2020.
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