Center says there is no plan to extend financial year

Centre has said that there is no extension of the financial year. Finance Ministry said that a notification was issued by Department of Revenue yesterday which relates to certain amendments to 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 1st April, 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to first of July.

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