As the new fiscal year begins on April 1, numerous changes will take effect. Pricing increases for things like gas and prescription drugs, changes to tolls, and even new rules for selling gold jewelry are on the list.
Here is a rundown of changes from April 1, 2023.
- Only gold artifacts and jewelry with a six-digit alphanumeric HUID number can be sold beginning on April 1.
- Tolls on expressways are expected to rise by 3.5 percent to 7%. According to a Live Hindustan article, there would also be an additional 10% surcharge for shorter distances. Maharashtra’s Mumbai-Pune Expressway toll would rise by 18%.
- The tax exemption on leave withdrawals for salaried non-government employees will significantly increase. The cap would increment from 3 lakh to 25 lakhs under Financial plan 2023.
The merchant will now charge a 1.1% interoperability fee for all UPI transactions over 2,000. UPI payments will not be subject to any additional costs. - Costs of medicines like oxygen, painkillers, antibiotics, and others
When petroleum providers update their rates for the start of FY24, prices for LPG cylinders may increase on April 1. Costs for business LPG cylinders will increment by more than Rs 250 beginning on April 1. - With the implementation of BS6 Phase 2 emission standards, all new vehicles must comply with stricter emission standards. As a result, major automakers anticipate an increase in prices.
- Starting on April 1, stamp duties will go up in several states, including Kerala and Maharashtra.
Debt mutual funds that invest less than 35% in equity shares will no longer be eligible for indexation benefits; instead, they will be taxed at the individual’s tax slab rate. - For salaried individuals, the new income tax system will become the default tax system.
The Senior Citizens Savings Scheme now has a maximum deposit cap of 30 lakh rupees.
The monthly income plan has been modified, and the maximum amount for single accounts has been raised to 15 lakh for combined accounts from 9 lakh. - With the exception of unit-linked insurance plans, all life insurance policies with annual premiums exceeding 5 lakh will now be taxed.
- The State Bank of India (SBI) and HDFC Bank’s exceptional home credit rates are presently not accessible, which would bring about expanded financing costs for borrowers.
