New Rules From 1st October: Many new rules will come into effect from 1st October. The changes that will come from these rules can have a big impact on the daily lives of people. These rules include changes in the use of birth certificates to new TCS (Tax Collected at Source) rules. Therefore, it is important to be aware of these latest guidelines.
Birth and Death Registration (Amendment) Act:
This law will come into force across the country from October 1. With this, the birth certificate will become a single document, which will be used for many purposes like admission in an educational institution, issuance of driving license, preparation of voter list, Aadhaar number, registration of marriage or appointment to a government job.
This rule will help in maintaining national and state-level records of births and deaths. Additionally, according to the government, this Act will also help in reducing the number of documents required to prove date and place of birth.
New 20% TCS rule:
The new rates of TCS (Tax Collected at Source) will be applicable from October 1. These changes are important for anyone planning international travel, investing in foreign stocks, mutual funds, cryptocurrencies abroad or pursuing higher education abroad. If someone spends more than a certain amount in a financial year, TCS will be applicable on it. However, according to the Finance Ministry, TCS will not be levied on travelers using international credit cards during foreign trips.
Under the Liberalized Remittance Scheme of the Reserve Bank of India (RBI), one can send money abroad up to $250,000 per year. But from October 1, TCS of 20% will be levied on any expenditure above Rs 7 lakh for purposes other than medical and education.
28% tax on online gaming
Finance Minister Nirmala Sitharaman had announced in August that a 28% tax on online gaming would be effective from October 1. Explaining about the tax, the Finance Minister said that suppose a game is played for ₹ 1,000 and someone wins ₹ 300. Then if the player bets ₹1,300 again, GST will not be charged on the winning amount.
Automated IGST refund will not be available
To curb tax fraud, according to the Finance Ministry, automated refund of Integrated GST (IGST) on export of pan masala, tobacco and other similar items will be banned from October 1. Exporters of such goods will have to approach the jurisdictional tax authorities with their refund claims for approval.
BNCAP will be implemented from next month
India’s first car crash testing program Bharat New Car Assessment Program (BNCAP) will be implemented from October 1, 2023. The government has said that under this program, car manufacturers can voluntarily get vehicles tested as per Automotive Industry Standard (AIS) 197.
Vehicles will get star ratings for AOP and COP based on their performance in the test. This will help in assessing to what extent the car may be damaged in the event of an accident. Customers can decide which car to buy by referring to these star ratings.
