Andhra Pradesh government had decided to advance its next Annual Budget to November after the Central Government has decided to change the financial year to January-December format from the existing April1st-March31st format.
The April to December 31st Period this year will be considered as Transitional Financial Year. The Finance Ministry Officials were asked to begin the Budget Preparations. In the wake of GST implementation, the state is expected to lose 2900 Crore income per year.
And now this and change in the Financial year will bring new challenges to the government. On the other side, the Union Government is yet to notify the change in the Financial year and the announcement is expected in the upcoming Parliament Session.
