Budget 2018 likely to be advanced, expected in January next year

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Madhya Pradesh chief minister Shivraj Singh Chouhan and his cabinet on Tuesday gave tradition the slip and had home-cooked lunch during the crucial cabinet meeting in which the decision to end the financial year on December 31 was taken. Every state is having their own new year, sometimes calendar year, sometimes academic year, sometimes financial year.

Mishra also said, for a smooth transition of the new financial year the state government will try to conclude the current financial year by December 2017.

She took India Today to her kitchen before leaving for the cabinet meeting and flaunted the tomato chutney that she had specially prepared for the ministers.

The cabinet decision was made public by the minister for public relations and government's official spokesperson, Dr Narottam Mishra. "So the next budget would either be presented in December this year or January next year", he added. A committee headed by the former chief economic adviser, Shankar Acharya, backed the shift to the January-March financial year in its report submitted to the Ministry of Finance in December last year.

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The current fiscal year cycle of March-April was implemented during the British rule, since the same cycle was followed in Britain.

Adopting the January to December frame for the financial year of the country will involve incorporating a host of serious changes.This includes the reorganisation of the tax year and the tax infrastructure, streamlining all the major industries to the new time format to conduct their businesses and adjusting the GST to suit any change in the time period of the financial year.

The meeting also decided that a picture of Pandit Deendayal Upadhyay will be issued with all the government letter heads, banners and advertisements.

CM had already instructed the ministers to come with tiffin boxes as the cabinet meet was supposed to be a marathon one as conveyed to the ministers.