New Delhi, Sept.30 : Many rules are going to change across the country from Tuesday, October 01. Changing new rules will have a direct impact on the economy of the country as well as your pocket while there will be relief in some areas, the burden on the common man’s pocket will increase.
1. Cashback will not be available on petrol and diesel
You will no longer get cash back on the purchase of petrol and diesel with the credit card of State Bank of India (ACBI), the country’s largest government bank. SBI is informing its customers about this facility, which has been shutting down since first October, through messages. Till now, customers used to get a cash back benefit of up to 0.75% on the purchase of petrol and diesel with SBI ‘s credit card. It is said that HPCL, BPCL and IOC suggested to withdraw the cash back scheme after which this step has been taken.
2. SBI benefits you from this change
State Bank of India (SBI) is going to reduce the penalty by 80 percent for not maintaining the monthly average balance fixed from October 01. This will directly affect you. If you live in Metro City and are an SBI account holder, then the monthly average balance (AMB) limit in your account will have to be maintained at Rs 3,000. These rules will also apply to SBI bank branches in urban areas. If the balance is less than 75% of the stipulated amount in the account, then Rs 80 plus GST will have to be paid as penalty. Those holding 50 to 75 percent balance in the account will have to pay Rs 12 and GST. If the balance is less than 50 percent, a penalty of Rs 10 plus GST will have to be paid.
3. Driving License and RC will change
The new Motor Vehicle Act has come into force in the country from September 1, 2019, after which radical changes are being seen in the traffic rules. But now driving license (DL) is also going to change. The government is changing the rules related to Driving License and RC. These rules will come into effect from October 01, 2019. After these rules are implemented, all people will have to change their DL. As per the new rules, DL and RC registration certificates will now be of the same colour. Not only this, but the driving license and RC will have QR codes in addition to Microchip.
4. GST rate will be reduced
In the 37th meeting of GST Council held in Goa on 20 September, tax has been reduced on many items. These rules will come into effect from 01 October 2019. As per the new changes, now hotels up to 1000 rupees will not be taxed. Not only this, only 12% GST will have to be paid on the rent of a room with tariff up to Rs 7500. Small vehicle owners have been given relief and cess has been reduced from petrol and diesel vehicles from 10 to 13 seats. Also, the GST on slide fasteners (ZIP) has been increased to 12 per cent.
5. A new method of GST return will be implemented.
According to the decision of the GST Council, the GST return form will be changed from tomorrow for traders with turnover above five crore annually. These traders will have to fill the GAT ANX-1 form which will replace GSTR-1, it will be mandatory. Small businessmen will have to file GST returns through this form but for them it will be mandatory from January 01, 2020. Currently, the major taxpayers will fill the GST returns for October and November through the GSTR 3B form.
6. Big decision in the interest of employees, pension policy will change
The central government is also going to change the pension policy of employees from 01 October. Under the new rule, if an employee dies after completing seven years of his job, his dependents will get the benefit of increased pension. Till now, in such a situation, pension was given as 50% of the last salary. The Central Government has also issued a notification to implement the new rule. This decision of the government is being considered as a big step in the interest of the employees.
7. Corporate tax cuts
On September 20, Union Finance Minister Nirmala Sitharaman announced a major cut in corporate tax, reducing it from 30 percent to 22 percent. According to the announcement, after October 01, 2019, manufacturing companies will have the option to pay 15% tax. After this, the total charge including surcharge and tax on companies will be 17.01 percent. Earlier Indian companies had to pay surcharge in addition to 30% tax. Foreign companies had to pay 40 percent tax. It is believed that this move of the government will accelerate the business and will help in recovering from the economic slowdown.