August 1 2023: From August 1, 2023, various changes linked to GST, payments system will come into effect. Changes may also occur in LPG, PNG and commercial gas prices. These changes directly impact a common man’s budget as they are linked to various financial tasks.
Let’s take a look at financial services with respect to their availability and expected change in rules. Oil Marketing Companies (OMCs) decreased the price of commercial cylinder (19kg) from August 1. The effective price of 19 kg cylinder will be Rs 1,680 in Delhi. Although, the prices of domestic LPG cylinders will remain unchanged.
The ministry of finance made mandatory of all B2B companies with a turnover Rs 5 lakh to generate an electronic or e-invoice. Earlier, the rule applied for companies having a turnover Rs 10 lakh, which was further lowered from Rs 500 crore in 2021
The deadline for filing income tax returns for Assessment year 2023-24 has been over now. However, you can still file your ITR by paying a penalty. Banks will remain closed for around 14 days in August month. However, the holidays can be different from different states and locations.
In August, banks will remain closed for 14 days due to various festivals including Raksha Bandhan, Muharram among others. The holidays also include Saturdays and Sundays.
Axis Bank has changed the cashback and incentive point rules on Flipkart Axis Bank credit cards, which will become effective from August 12. Spending on Myntra and on flights and hotels on Flipkart will now be eligible for 1.5% unlimited cashback.
Cashback has been withdrawn for a host of transactions, including fuel spends, buying gift cards on Flipkart and Myntra, EMI transactions, wallet-loading transactions, cash advances, paying for rentals, utilities, insurance, etc. The annual card fee will be waived for those who spend more than Rs 3,50,000 per year.
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