As the month of June is about to end and the month of July is about to commence, it will with a series of significant changes. Just like in previous instances, this time too, various modifications will be implemented, affecting several aspects of our daily lives, including cooking gas, commercial gas, CNG-PNG, and more.
These upcoming changes in July will undoubtedly impact the finances of the common man. It is importat for you to stay informed about these updates to be well-prepared. Let's take a look into what alterations await you from July 1st.
Possible price changes in LPG gas: The price of LPG gas is regularly reviewed and revised by government oil companies each month. This time, on the 1st of July, it is anticipated that there might be adjustments in the price of LPG gas. While the price of the 19 kg commercial use gas cylinder experienced a reduction in May and April, the price of the 14 kg gas cylinder remained unchanged. Therefore, there is a possibility of a decrease in LPG prices this time.
Introduction of 20% TCS on credit card expenses: Starting from July 1st, 2023, a new provision will be implemented, subjecting credit card expenses abroad to TCS (Tax Collected at Source). This means that for expenditures exceeding 7 lakhs, a TCS charge of up to 20 percent will be levied. However, for education and medical expenses, this charge will be reduced to 5 percent. Furthermore, if you are availing an education loan abroad, the TCS charge will be further reduced to 0.5 percent.
Fluctuations in CNG and PNG prices: Similar to previous months, there might be changes in the price of CNG and PNG (Piped Natural Gas) in July as well. Petroleum companies in Delhi and Mumbai regularly review and adjust gas prices on the first day of each month.
Income Tax Return (ITR) filing deadline: Every taxpayer is required to file their Income Tax Return (ITR). The deadline for filing the income tax return is approaching in July. If you haven't filed your ITR yet, make sure to complete it by July 31st.
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