5 Major Changes to be Held from April 1, 2023: Know All Details Here
Changes to be Held from April 1: The first of every month often mark significant changes that can impact your financial well-being. As April 1 draws closer, the start of the new financial year 2023-24 will bring with it a list of changes. Let us know the changes.
1. New rates for LPG
Gas companies regulated by the government revise the prices of LPG (liquefied petroleum gas) every month, with new rates issued on the first day of each month.
In March of this year, consumers of LPG were taken aback by the increase in price, with domestic gas cylinder prices being raised by Rs 50 and commercial cylinder prices by Rs 350.
Significantly, the prices can be revised on April 1 as well.
2. Gold cannot be sold without 6-digit hallmark
Starting from April 1, 2023, there will be new rules and regulations for the sale of gold jewellery .
The Consumer Ministry has announced that jewellery with a Hallmark Unique Identification (HUID) number consisting of four digits will no longer be permitted for sale after March 31, 2023.
Gold jewellery will be permitted to be sold only with a 6-digit HUID (Hallmark Unique Identification) number from April 1, 2023.
3. Buying luxury cars can be expensive
Actually, the first stage of BS-6 in the country is about to end, and the second stage is about to begin.
This allows automakers to impose a higher burden on customers to cover the costs of upgrading vehicles to the new requirements.
Several automobile manufacturers' prices, including Tata Motors, Maruti Suzuki, Mercedes-Benz, BMW, Toyota, and Audi, will rise.
4. Conversion of physical gold to e-gold
Beginning in April, there will be no Capital Gain Tax on changing physical gold to e-gold or e-gold to physical gold.
The announcement to get rid of the Capital Gain Tax was also made during the budget speech. Nirmala Sitharaman made this declaration in the Union Budget 2023.
5. Tax on High-Premium Insurance
A tax on income from high-premium insurance has been planned in Budget 2023. If the annual premium for your insurance is more than 5 lakhs, the revenue from it will be taxed.
Till now, regular income from insurance was completely tax-free. High-net-worth persons get the advantage of this (HNI). This rule will come into force from 1 April 2023.