Numerous adjustments will take effect on April 1 as the new fiscal year begins. On the list are pricing increases for things like gas and prescription drugs, toll variations, and even new regulations for the sale of gold jewellery. Here's a list of changes from April 1, 2023.
- Starting on April 1, only gold jewellery and artefacts bearing a six-digit alphanumeric HUID number can be sold.
- Expressway tolls are expected to increase by 3.5% to 7%. For shorter distances, there would also be an additional 10% surcharge, according to a Live Hindustan article. The Mumbai-Pune Expressway toll in Maharashtra would increase by 18%.
- For salaried non-government workers, the tax exemption on leave encashment will significantly increase. The cap would increase from 3 lakh to 25 lakhs under Budget 2023.
- All UPI transactions over 2,000 will now incur an interoperability charge of 1.1% from the merchant. No additional fees will apply to UPI payments.
- Prices of medicines such as Oxygen medicines, Painkillers, antibiotics etc.
- Prices for LPG cylinders could go up starting on April 1 when petroleum providers update their rates for the start of FY24. Prices for commercial LPG cylinders will increase by more than Rs 250 starting on April 1.
- All new vehicles must adhere to more stringent emission standards as of the implementation of BS6 Phase 2 emission norms. Major auto manufacturers anticipate a price increase as a result of this.
- Stamp duty will increase in several states from April 1 such as Kerala and Maharashtra.
- Debt mutual funds that invest less than 35% in equity shares will no longer be eligible for indexation benefits and will instead be taxed at the individual's tax slab rate.
- The new income tax regime will become the default tax regime for salaried individuals.
- The Senior Citizens Savings Scheme now has a 30 lakh rupee maximum deposit cap.
- Changes have been made to the monthly income scheme, increasing the maximum from 9 lakh for single accounts to 15 lakh for combined accounts.
- All life insurance policies with yearly premiums over 5 lakh will now be subject to taxation, with the exception of unit-linked insurance plans.
- The State Bank of India (SBI) and HDFC Bank's special home loan rates are no longer available, which would result in increased interest rates for borrowers.
