5 rules that will change from November 1 and directly impact you

From November 1, many rules including buying LPG cylinders to electricity subsidy will change. The rules will directly impact the common man. Most of these are meant to enhance your convenience. At the same time, some changes can also impact your pocket. Let us know what are the changes and how will they affect you.

1. KYC mandatory in insurance

Insurance regulator IRDAI has made KYC mandatory for buying non-life insurance policies. Till now it was mandatory only for life insurance and in case of non-life insurance such as health and vehicle insurance, in case of claims exceeding one lakh rupees. But from November 1, it will become mandatory for everyone.

2. LPG gas cylinder price

On the first of every month, petroleum companies revise the prices of LPG gas cylinders revise and issue new rates. On November 1 too, they may revise the prices of 14 kg domestic and 19 kg commercial gas. 

On October 1, companies reduced the price of commercial gas cylinders by Rs 25.5. But, in view of the rise in gas prices in the international market, the prices of LPG can be increased.

READ | IRCTC announces new guidelines for passengers, follow these rules for smooth traveling

3. LPG cylinder delivery after giving OTP

After booking the LPG cylinder, OTP will come on your registered mobile. You will have to tell OTP at the time of delivery of gas, only then you will get it.

4. New rule of electricity subsidy in Delhi

From November 1, the new rule of electricity subsidy is going to be implemented in Delhi. Under this, people who have not applied for the subsidy will have to pay their non-subsidised bills for October, but they can apply next month. The last date to apply for the subsidy is October 31, 2022, to get the subsidy for the same month. 

5. Four-digit HSN code for GST return

Changes are being made to the rules of GST returns. Now it will be mandatory for taxpayers with a turnover of less than Rs 5 crore to write a four-digit HSN code in the GST return. Earlier, a two-digit HSN code had to be entered.

Earlier, it has been made mandatory for taxpayers with a turnover of more than five crores to enter a four-digit code from April 1, 2022, and then a six-digit code from August 1, 2022.