New financial rules for 2023: The beginning of the new fiscal year on April 1 will result in numerous alterations. There are price hikes for basics like gas and prescription medications, toll changes, and even new rules for the sale of gold jewellery on the list.
Maharashtra’s Mumbai-Pune Expressway toll
Only gold jewellery and artefacts with a six-digit alphanumeric HUID number can be sold as of April 1. The predicted rise in motorway tolls ranges from 3.5% to 7%. According to sources, there would also be an additional 10% surcharge for lesser trips. Maharashtra’s Mumbai-Pune Expressway toll would rise by 18%. The tax exemption on leave encashment will dramatically increase for salaried non-government employees.
The cost of commercial LPG cylinders would rise
According to Budget 2023, the cap would rise from 3 lakh to 25 lakh. The merchant will now be required to pay an interoperability fee of 1.1% for any UPI transactions over 2,000. Payments made over UPI won’t incur any extra costs. The cost of medications like antibiotics, painkillers, and oxygen medications, among others. When fuel suppliers change their prices for the start of FY24 on April 1, the cost of LPG cylinders may rise. Starting on April 1, the cost of commercial LPG cylinders would rise by more than Rs 250. As of the adoption of BS6 Phase 2 emission requirements, all new vehicles must adhere to stricter emission standards. There will likely be a price hike as a result, according to major automakers.
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stamp taxes will rise in a number of states
From April 1, stamp taxes will rise in a number of states, including Kerala and Maharashtra. Debt mutual funds will no longer be eligible for indexation benefits and will instead be taxed at the individual’s tax slab rate if they hold less than 35% of their assets in equity shares. For those who earn a salary, the new income tax system will take over as the default tax system.
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