From August 1, these rules related to the financial market will change! Know what will affect your pocket

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Today is the last day of July With the start of August tomorrow, many rules related to the financial world are about to change. These rules include rules related to GST and credit card payments apart from ITR returns. With the change in these rules, there will be a direct impact on your pocket. From August 1, 2023, various changes related to the GST payment system will come into effect, as well as changes in the prices of LPG, PNG and commercial gas.

GST rules will change

As per the government announcement, from August 1, 2023, businessmen with a turnover of more than Rs 5 crore will have to issue electronic invoices. In such a situation, traders falling under the ambit of GST need to prepare electronic invoices after knowing the relevant rules in detail.

Today is the last date to file income tax returns

Today i.e. July 31 is the last date for filing income tax return, so people who file ITR from August 1 will have to pay penalty. If people with income above Rs 5 lakh do not file ITR by 12 tonight, they may have to pay a penalty ranging from Rs 1 to Rs 5,000 for doing so from tomorrow.

QR code mandatory for pharma brands

To help in better tracking and tracing of drugs, installation of QR code or barcode has been made mandatory for top 300 pharma brands in the country. This will be mandatory for manufactured drugs from tomorrow. This means that there will be QR codes on regularly used fever and pain medicines Calpol, Dolo, Ceridon, Combiflam and antibiotics Azithral, ​​Augmentin, Septum to anti-allergy drug Allegra and thyroid drug Thyronorm, containing basic information.

14 days bank holidays

Bank branches will be closed for 14 days in August due to various festivals including Raksha Bandhan, Independence Day. These holidays also include Saturday and Sunday weekly holidays. However, online services of banks will continue during these 14-day holidays.

LPG cylinder price changes

LPG and commercial cylinder prices are likely to change in August. Oil companies change LPG prices on 1st and 16th of every month. Apart from this, the rates of PNG and CNG may also change.

Petrol and diesel prices also change

Oil companies publish the prices of petrol and diesel at night on the last day of every month. In such a situation, petrol and diesel prices may also change from August 1. Let us tell you that the prices of petrol and diesel in the country have been stable since May 21 last year.

Changes in Credit Card Cashback Rules

Even if you use Axis Bank credit card, your pocket will be adversely affected. According to the new rules, people who make purchases from Axis Bank and Flipkart will get cashback on purchases from August 12.

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