Rules Changing From 1 August That Will Directly Impact a Common Man’s Pocket

As July comes to a conclusion and August begins, there will be a number of big adjustments that will have an impact on your daily life . Various GST and payment system modifications will take effect on August 1, 2023. Additionally, LPG, PNG, and commercial gas prices are subject to fluctuate. In this instance, the average man’s budget will be directly impacted by these adjustments.

Let’s look at the anticipated modifications to the laws governing financial services.

Goods And Service Tax (GST)

Businesses with a revenue of more than Rs 5 crore are required to issue electronic invoices starting on August 1.
The reduced criteria that would be in effect starting on August 1 had been announced by the CBIC in May. Beginning August 1, enterprises having a combined annual revenue of Rs 5 crore or more will be required to choose e-invoicing as their preferred method.

ITR Filing 2023 Deadline

The deadline for submitting income tax returns for the prior fiscal year is July 31; individuals who file ITR beyond this date are subject to penalties. If individuals with incomes over five lakhs fail to submit their ITRs by the deadline, they must pay a penalty of 5,000 rupees.

Also read: Last Day To File ITR, Here’s What Will Happen If You Miss The Deadline

Festivals in August! Banks will be closed for 14 days

Keep in mind that banks will be closed for a total of 14 days in August if you have any crucial work relating to the banking industry. Holidays on Saturday and Sunday are also included in this.
Many bank-related tasks can now be completed online, however occasionally it is necessary to visit a bank for work. To avoid going to the bank on a holiday when it is closed, it is necessary to remember the bank holidays before you take the time and effort to physically get there.

The month of August has several bank holidays across the country. Nobody wants to get struck due to a bank holiday when there is some important transaction or banking activity coming up. Therefore, mark the August 2023 bank holidays on your calendar well in advance so that your financial planning goes on smoothly without any disruptions.

In addition to these days, banks will be closed on August 12 and August 26 due to the second and fourth Saturdays of the month, respectively. Additionally, on Sundays, banks close for the weekend.

LPG cylinder price

The cost of LPG and commercial cylinders is also anticipated to change starting on August 1st. Every month, on the first and sixteenth, oil firms adjust the price of LPG. In addition, the cost of PNG and CNG may change.

Every month, the oil companies update and publish new prices for compressed natural gas (CNG) and liquefied petroleum gas (LPG) cylinders. The price of crude oil is constantly changing on the global market. However, it’s possible that the LPG price will change in some way. While costs for the 14 kg home gas cylinder stayed constant, those for the 19 kg commercial gas cylinder were decreased in May and April. Consequently, there is a chance of reduction in domestic cylinder prices this time.

SBI’s Special Amrit kalash scheme

Also read: Bureau To Launch Aviation ‘Security Culture Week’ For First Time Across Country From July 31

The largest government bank in the nation, State Bank of India, has extended the deadline for investments in its Amrit Kalash scheme to 15 August 2023. If you wish to invest in this way as well, start the preparations now. In this 400-day special FD program, investors would receive an interest rate of 7.1 percent for regular individuals and 7.6 percent for senior citizens.

IDFC FD

For Amrit Mahotsav FD customers, IDFC Bank has introduced an FD program that is active through August 15, 2023. If you want to take advantage of the offer, you need invest before the deadline.

Overseas debit or credit card transactions subject to a 20% TCS

Credit card users will now be required to pay a 20% Tax Collected at Source (TCS) when making international purchases. In May, the administration changed the regulations. The 20% TCS rule would no longer apply to modest payments made on overseas debit or credit cards up to Rs. 7 lakh in a fiscal year. One can, however, claim it while filing an ITR.