Herb 18
Rules Change from first January 2023: A couple of days are left for 2023 to start. Consistently, changes happen toward the beginning of the new year that quickly affects your life. To stay away from issues in such a circumstance, it is fundamental for you to know about these changes.
These progressions incorporate bank locker spaces, Visas, GST e-invoicing, high-security number plates, and CNG-PNG costs. These progressions will become successful on January 1, 2023.
Assuming you have any significant work left, finish them rapidly this month for example by December 31, so you deal with no issues.
We should be familiar with these progressions which will be executed from the principal date of the following month:-
Bank Locker
The new bank locker rules released by the RBI will take effect on January 1, 2023. Following its implementation, banks will be unable to act arbitrarily in relation to lockers. Furthermore, if any damage occurs to the goods stored in the locker, the bank will be held liable. If you have a bank locker, you will need to sign a new agreement with the bank by December 31. For this, banks are informing customers about the change in rules through SMS and other means.
GST Invoicing
As per media sources, those carrying on with work worth more than Rs 5 crore will be expected to produce e-invoicing, or electronic bills, starting January 1, 2023. Beforehand, the breaking point was Rs 20 crore. Beginning January 1, traders will only be able to issue bills through the portal. Where there will be system transparency and a prohibition on obtaining input tax credits by fabricating fraudulent bills.
Changes in Credit Card Rules
If you use credit cards for bill payments and shopping, this change could be quite beneficial to you. According to media sources, several banks may change their reward point scheme for credit card payments. In this case, you must redeem the credit card reward points by December 31.
Insurance Premiums can be Costly
Insurance payments might turn out to be unbelievably costly in 2023. The IRDAI is proposing new measures for insurance installments relying upon vehicle use and upkeep. Quite possibly clients will be shocked by the high protection costs in the new year.
High-Security Number Plate
In a few expresses, the cutoff time for introducing high-security number plates is December 31, 2022. You might be tested on the off chance that you don't have the high-security number plate fitted on your vehicle by this date. Notwithstanding, state organizations have over and again broadened the cutoff time.
CNG-PNG Value Changes
CNG and PNG prices tend to fluctuate around the first of the month. Commercial cylinder prices decreased in early November 2022. Domestic LPG cylinder pricing, on the other hand, remained unchanged. In Delhi and Mumbai, petroleum companies modify the price of gas in the first week of the month. However, there has been a spike in CNG and PNG pricing in Delhi-NCR and Mumbai in recent months.
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