New Rules from October 2022: These rules will change from October 1, know what is going to affect you?

Posted on 28th Sep 2022 03:16 pm by rohit kumar

Like every month, many rules are going to change from October. Changing these rules will affect the consumers at large. Changing some of these rules can also increase the extra burden on your pocket. Therefore, it is important to be aware of these changes. The rules that are to be changed from the beginning of October include rules related to localization in credit-debit cards, the Atal Pension Scheme, changes in the prices of gas cylinders, and changes in the system of subsidy on electricity bills in Delhi.

 

Taxpayers will not be able to invest in Atal Pension Yojana

 

According to a notification issued by the Ministry of Finance, from October 1, 2022, taxpayers will not be able to join the Atal Pension Scheme. On the other hand, if you have a savings account in the post office, then you can apply under the Atal Pension Yojana. However, if you have already subscribed to this plan, then the new changes will not affect you. On the other hand, if you have subscribed to this scheme despite being a taxpayer, then in such a situation your money will be returned by closing the account. Explain that under this scheme, there is a provision to give pension benefits up to Rs 5000 to the subscriber.

 

Debit and credit card payment rules will change

 

According to the instructions of the Reserve Bank of India, the system of tokenization will be implemented in the process of debit and credit card payments from October 1. After the implementation of this system, merchants, payment aggregators, and payment gateways will not be able to save the information related to the card of the customers. The purpose of this exercise of RBI is to check fraud during card purchases.

 

Nomination is necessary for investing in mutual funds

 

If you also invest in Mutual Funds or wish to do so in the future, then it will be mandatory for you to give nomination information from October 1. Those who do not provide the nomination details will have to give a declaration stating that they do not want the facility of nomination. This rule was to come into force from August 1, but then it was decided to extend it to implement it from October 1.

 

Changes in the rules related to e-invoicing of GST

 

From October 1, e-invoicing will be mandatory for traders with a total turnover of Rs 10 crore and above under the Goods and Services Tax or GST. The government has reduced its limit from Rs 20 crore to Rs 10 crore to tackle the revenue deficit and collect more tax from the business world. An announcement in this regard said that the rules have been notified based on the recommendations of the GST Council.

 

New rules to get subsidy on electricity

 

The current rules applicable for subsidy on electricity bills in Delhi will change from October 1. Let us inform you that Chief Minister Arvind Kejriwal has announced that the subsidy on electricity will be stopped on August 31. This facility will be available only to those people who will apply for it. This means that if you want a subsidy on your electricity bill after October 1, then you will have to apply to the government for this.

 

LPG prices may change

 

LPG prices are reviewed by the central government at the beginning of every month. It is believed that after the review meeting to be held on September 30, the government can decide to increase the prices of gas like LPG, PNG, and CNG. If this happens, then the prices of domestic and commercial LPG cylinders may increase from October 1.

 

Also Read: Foreign Trade Policy: The government extended the foreign trade policy for six months, the period was to end on 30

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