Financial year change to Jan-Dec ruled out for now The Centre’s plan to change the financial year cycle from April-March to January December has been put on hold and may not materialise in the Narendra Modi government’s current term, according to a senior official. Any change in the financial year would have to be agreed upon by all states, and a number of them were still not in its favour, the official, who did not wish to be named, said on Monday. Besides, the government did not see many advantages in switching to the January December cycle, the official added. Surprisingly, changing the financial year has been one of Prime Minister Narendra Modi’s pet themes. “A number of states are not on board with the idea. The financial year change has been put on the back burner,” the official said, adding that a final decision on the matter could be taken in 2019. “Too many disruptions like the goods and services tax (GST) and lack of data are also hurdles in advancing the