November 1st marks the beginning of a new month. In addition, the nation has seen numerous more significant developments. Individuals’ daily lives and their finances will both be impacted by these changes in LPG cylinder prices and other major changes. If the nation’s citizens are unaware of these significant developments, they may encounter difficulties. Tell us about them, please.
Price increases for LPG cylinders
People have been dealing with a significant inflation shock since the beginning of November. Commercial gas cylinders are now more expensive. Their current pricing has gone up to Rs 101.50. The revised tariffs were operative on November 1, 2023. As a result, the cost of a 19-kilogramme LPG cylinder in Delhi, the nation’s capital, is now Rs 1833. The cost of a household LPG cylinder has not changed.
Other than LPG Gas Cylinder prices, there is unanticipated hike in gains tax
While the tax on diesel exports was lowered, the government raised the Windfall Profit Tax on domestically produced crude oil. Special Additional Excise Duty (SAED), a levy levied on domestically produced crude oil, has been raised from Rs 9,050 per tonne to Rs 9,800 per tonne. SAED has been lowered from Rs 4 per litre to Rs 2 per litre for diesel exports and from Rs 1 per litre to Rs 0 for aviation fuel (ATF). SAED for gasoline exports is currently nil. The revised prices will take effect on November 1.
bse charge
Beginning on November 1, the Bombay Stock Exchange (BSE) will raise transaction costs for its equity derivatives section. The S&P BSE Sensex options will see a rise in this cost. Retail merchants and investors will be negatively impacted by the duty rise.
GST statement
Businesses having annual sales of at least Rs 100 crore are required to submit their GST challans online using the e-challan portal within 30 days starting on November 1.
KYC for the policy owner
Important actions have also been taken by the Insurance Regulatory and Development Authority of India (IRDAI). As of November 1, KYC is now required for all insured individuals.
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