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Know what will change from April 1st

With the beginning of the new financial year, many rules are going to change from April 1, 2020. We are giving you information about ten such rules which are related to your everyday life and will directly affect you. These include changes in the rules of merger of banks to GST returns. These are –

• New Income Tax Rule: The new system of income tax will be implemented from 1 April 2020. The special thing in the new system will be that the taxpayer will be able to get the rebate even without saving. However, this would be a completely optional arrangement.
• Merger of Banks: Four major banks will be merged with the 10 state-owned banks from April 1. This will be the biggest merger of the country’s financial sector. If you have an account with these banks, then you will have to report some changes to the banks cutting your bills / installments.
• Going abroad will be expensive:
• From April 1, the government will levy tax collected at source (TCS) on the total package of foreign travel. Foreign travel may have to be paid 5% tax from the beginning of FY 2020-21.
• New GST Return Form: In the 31st meeting of the GST Council, it was decided to bring a new GST Return Form from April 1. The new form will be much simpler and will make filing returns easier.
• BS-6 Petrol-Diesel: From April 1, the supply of BS-6 grade petrol and diesel will start across the country. Indian Oil has started it in many cities. However, it can have an impact on the price.
• Pension: The government has changed the Employee Pension Scheme (EPS) rule. Under this, around 6 lakh people who retired before 26 September 2008 will get more pension from 1 April 2020.
• New Vehicle Rules: From April 1, only BS-6 standard vehicles will be sold in the country. However, due to the Corona crisis, the Supreme Court has allowed BS-4 vehicles to be conditionally registered for 10 days in April.
• Drug related regulations: The government has decided to declare all medical devices as drugs from 1 April 2020. From the new fiscal year, under Section 3 of Drugs and Cosmetics, devices used on humans and animals will be classified as medicines.
• Mobile data is expensive: Telecom companies have demanded to increase the fee for mobile data from April 1 to fix a minimum rate of Rs 35 / GB. This is about 7-8 times the current rate. If the government approves, then internet usage will be expensive.
• Loans on new benchmark: Small and medium businesses will get loans on new standards from April 1, 2020. All new loans to traders at variable interest rates will be linked to external standards like repo from 1 April. This will reduce the interest rate.