TAKE NOTE: These 5 big changes are going to happen from April 1
Many big changes are going to be seen on the first day of April, many of which will affect your financial health. After two days, the month of April is starting, along with the new financial year 2023–24. In such a situation, the list of changes is going to be a bit long. Changes can be seen in the price of gas cylinders as of April 1, 2023, while the new rule regarding the sale of gold is going to be implemented as soon as the month starts.
First change: Government gas companies revise the prices of LPG on the first day of April and are issuing new rates. In the beginning of March, LPG consumers got a shock as the price of a domestic gas cylinder was increased by Rs 50, while the price of a commercial gas cylinder was increased by Rs 350. Along with LPG, there can be a change in the price of CNG-PNG as well. However, according to the recently released reports, the possibility of an increase in the prices of CNG and PNG remains high. Apart from this, changes in the rates of gasoline and diesel can be seen.
Second change: From the 1st of April, there has been a change in the rule related to the sale of gold jewellery. According to the Consumer Ministry, after March 31, 2023, there may be a ban on the sale of jewellery with a 4-digit Hallmark Unique Identification (HUID), and from April 1, 2023, only jewellery with a 6-digit Hallmark HUID can be sold. However, customers will be able to sell their old jewellery without hallmarks as well.
Third change: In Budget 2023, a tax has been announced on the earnings from high-premium insurance. Under which if the annual premium of your insurance is more than 5 lakhs, then the income from it is going to be taxed. Up until now, the regular income from insurance was completely tax-free. The benefit of which was given to high-net-worth individuals (HNI). This rule is also going to be implemented on April 1, 2023.
Fourth change: With the beginning of April, they will not have to pay any capital gains tax on converting physical gold into e-gold or e-gold into physical gold. The announcement to get rid of the capital gains tax was also made during the budget speech. However, if you sell it for gold after conversion, you will have to pay tax as per LTCG rules.
Fifth change: Along with the new financial year, many other changes are also going to be seen. Buying luxury cars can be expensive. Actually, the first stage of BS-6 is about to end in the country, and the second stage is going to start. Under this, auto companies are going to increase the burden on the customers to compensate for the expenses incurred on updating the cars under the new rules. Due to this, buying a car after April 1 can be expensive.
Thanks for reading from Filasconews.com as a news publishing website from Ghana. You’re free to share this story on various social media platforms.
