look news india
The first date of every new month is very important from the point of view of common man’s life and household budget. Many such important changes are going to be implemented in the country from September 1, which will have a direct impact on your pocket, savings and daily expenses. These new rules set by the Central Government, oil marketing companies, major banks including State Bank of India and financial regulators will directly impact everything from kitchen budget to digital payments and tax compliance. In such a situation, to avoid any kind of financial inconvenience or additional financial burden, it is necessary to have complete information about these five major changes.
On the first of every month, the major oil marketing companies (OMCs) of the country decide the new prices of LPG gas cylinders. On September 1 also, the revised prices of domestic LPG (14.2 kg) and commercial gas cylinders (19 kg) will be announced at 6 am. In view of the fluctuations in crude oil and natural gas at the international level, it is hoped that keeping in mind the coming festive season, the central government and petroleum companies can provide relief to the common consumer. On the other hand, the eyes of restaurant, dhaba and hotel businessmen are fixed on the prices of commercial cylinders because due to increase or decrease in its rate, the food items outside directly become expensive or cheaper.
Milk unions and private dairy brands in major states and local cities of the country have decided to revise the retail prices of milk due to rising costs. Due to rising cost of fodder, transportation expenses and processing costs in the last few months, an increase of Rs 1 to 2 per liter in milk prices may be effective from September 1. In major consumer areas like Uttar Pradesh, Delhi-NCR, Bihar and Maharashtra, its impact may be visible on the prices of full cream, toned and cow’s milk as well as dairy products like cheese, curd and butter. By increasing this basic daily expenditure, the monthly ration budget of middle class families will increase.
Many big banks including HDFC Bank, ICICI Bank and SBI Card are implementing important amendments in their credit card rules from September 1. Under the new guidelines, the reward points available on utility bill payments like electricity, water and gas bills have been limited. Additionally, an additional transaction charge of up to 1 percent may be levied on rent payments and educational fee payments made through third party apps. The rules for calculation of Minimum Amount Due have also been changed, due to which those who do not pay the entire bill on time may have to bear higher interest burden.
Technical and administrative strictness is being implemented in many tax rules by the Income Tax Department and GST Network (GSTN) from September 1. It will be mandatory for taxpayers to strictly follow the prescribed deadline for return verification. Compliance rules related to e-invoicing and GST have been further streamlined to prevent any fraudulent Input Tax Credit (ITC) claims. Small and medium businesses will now have to update their digital billing and invoice generation process as per the new system from September 1, otherwise there may be hindrance in generating e-way bill on the portal.
The process of transferring unclaimed deposits lying unclaimed in banks for years to their rightful heirs is being intensified from September 1 through the UDGAM portal of the Reserve Bank of India (RBI). On the other hand, under the new security rules of the Telecom Regulatory Authority of India (TRAI), a strict blocking system will be introduced on unregistered promotional messages and calls sent by banks and financial institutions to prevent financial fraud. From September 1, only authenticated messages and OTPs coming from banks will reach the customers, which will make the digital banking of customers more secure and reduce the cases of cyber fraud.
All these changes, which will be implemented from September 1, are directly related to the financial management of every citizen, housewife, salaried employee and small businessman of the country. It would be wise to settle your credit card billing, gas booking and tax related tasks on time.