Ministry of Finance
Government of India
Press Note
30.03.2020
No Extension of the Financial Year
New Delhi: There is a take 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.
Finance ministry said that a notification has been issued by Department of Revenue, Ministry of Finance dated 30th March, 2020 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 1 April, 2020. However, due to the prevailing situation, it has been decided that the date of implementation will now be postponed to 1.7.2020.
Source- https://twitter.com/cbic_india/status/1244671644372615177
Read the text of notification as below-
MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 30th March, 2020
S.O. 1226(E).—In exercise of the powers conferred by section 11 of the Finance Act, 2019 (7 of 2019), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, published in the Gazette of India vide S.O. 115 (E), dated the 8th January, 2020 namely:—
In the said notification, for the words and figures "the 1st day of April 2020, the words, figures and letters "the 1st day of July 2020" shall be substituted.
[F. No. S.33013/3/2019 ST-I, DOR]
RITVIK PANDEY, Jt. Secy.
Note : The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number S.O. 4419 (E), dated the 10th December, 2019 and subsequently amended vide notification dated 8th January, 2020, published vide number S.O.115 (E) dated the 8th January, 2020.
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