Dip in gas prices, updated gold jewelry sale rules and more: Here’s what will change from 1 April

As the new financial year begins, there is a slew of changes that will come into effect from April 1. The list includes changes in gas and medicine prices, toll fluctuations and even new rules for the sale of gold jewellery. 

Here is a detailed list:

• Only hallmarked gold jewellery and gold artefacts with a six-digit alphanumeric HUID number can be sold from April 1.
• Toll tax for highways and expressways are set to go up by 3.5% to 7%. As per a Live Hindustan report, there will also be an additional 10% increase for shorter distances. In Maharashtra, the Mumbai-Pune Expressway will see a 18% toll hike.
• A revamped loan guarantee scheme will be implemented for micro and small enterprises. Under this, the annual guarantee fee for loans up to ₹1 crore will be reduced to 0.37% while the limit on ceiling for guarantees will be raised from ₹2 crore to ₹5 crore.
• Merchants will now have to pay an interoperable charge of 1.1% for all UPI transactions above ₹2,000. There will be no other charge on UPI payments.
• There will be a massive hike in tax exemption on leave encashment for non-government salaried employees. Under Budget 2023, the limit will be raised from ₹3 lakh to ₹25 lakhs. 

ALSO READ: India to cut gas prices from April 1, says report

• Some places will see petrol diesel prices rise. In Kerala, the fuel prices will be increased by ₹2 per litre following the introduction of a social security cess.
• Stamp duty will increase in several states from April 1. According to reports, Kerala and Maharashtra will see a 1% hike from Saturday.
• The price of several life saving drugs will increase by around 12% from 1 April. The 800 point list includes many essentials like anti-infectives, painkillers and cardiac medicines.

ALSO READ: From painkillers to antibiotics, these medicines will be costlier after 1 April

• Life insurance policies - except Unit Linked Insurance Plans - with annual premium exceeding ₹5 lakh will now be taxable.
• The maximum deposit limit under the senior citizens savings scheme has been increased to ₹30 lakh. Changes have also been made for monthly income scheme with the limit being raised to ₹9 lakh for single accounts and ₹15 lakh for joint accounts.
• Online gaming applications will now face TDS or tax deducted at source. Winning proceeds from such activities will now be subject to 30% TDS.
• The new income tax regime will become the default tax regime for salaried individuals.
• There will be a rise in automobile prices due to the input cost inflation as officials ensure stricter implementation of BS-VI phase II emission norms.
• LPG cylinder prices may increase from April 1 as petroleum companies revise the rates on the first day of FY24. Commercial LPG cylinder prices will be hiked by over ₹250 from April 1.

(With inputs from agencies)