Motor vehicle, Income tax, Health insurance, Credit, and Debit card rules are changing from Oct 1 onward. So, here are the 10 points which you need to know about.
1. Physical verification not required for the documents like Driving License and RC
The tension of keeping a hard copy of documents like RC and driving license together when driving would come to an end. Now you can drive a car with just a clear soft copy of the documentation connected to the vehicle. The Ministry of Road and Highways has informed the numerous such amendments made to the Motor Vehicles Rules of 1989, which will come into force on 1 October. As a step towards easing the ease of the commuter, the central government is expected to digitize documents, including vehicle maintenance, driving licenses, and e-challens, which will now be carried out via the Information Technology Portal from 1 October 2020. Drivers can manage their vehicle documents on the central government’s online site, such as Digi-locker or m-parivahan.
2. Mobile phones only for route navigation
Under the amendments made by the Ministry of Road and Highways to the Motor Vehicles Rules 1989, you will now be able to use mobile navigation on the route in such a way that it does not interfere with the focus of the driver while driving.
3. LPG connection will not be free
Under Pradhan Mantri Ujjwala Yojana (PMUY), the process of obtaining a free gas connection will come to an end on 30 September 2020. The Union Cabinet has approved an extension until the end of September for the usage of free cooking gas cylinders under PMUY.
4. 5% of tax will be imposed in foreign fund transfer
Any amount sent abroad to get international tour packages, and any other foreign remittances made above 7 lakh, will impose a tax-collected-at source (TCS) starting on 1 October, unless the TDS is already deducted on that amount. While the tax on international tour packages will be 5% for any amount, for other foreign remittances the tax will be charged only for the amount spent above 7 lakh.
5. Sweet sellers will need to display ‘Best Before Date’
Sweet shops will now have to announce the ‘best before date’ of non-packaged or loose sweets available in their shop as well. The Food Safety and Standards Authority of India (FSSAI) has advised sweet shop owners to comply with the procedure as of 1 October.
6. Implemention of New Health Insurance
The improvements in health insurance coverage will be implemented aftermath of Covid-19. The costs of premium health care would inevitably increase. The revised health insurance regulations to be enforced post-COVID-19 and inclusion will make 17 permanent illnesses outside the cover.
7. Buying television sets can be expensive
Open-cell panels will face 5% import duty as of 1 October, with the government saying that the duty exemption expiring at the end of this month will not be extended. As a part of ‘Aatmanirbhar Bharat,’ the Government is committed to growing domestic production capacity for open-cell panels so that imports can be curbed. The one-year exemption given to that object expires today, 30 September.
8. New credit and debit card rules by RBI
The Reserve Bank of India ( RBI) has released new guidelines for acquiring debit and credit cards. These reforms will be effective from 1 October 2020. Under the new rules, card users will also be able to register opt-in or opt-out programs, spend limits, etc. for international transactions, online transactions as well as contactless card transactions.
9. FSSAI bans blending of mustard oil with any other cooking oil
The Food Regulator FSSAI restricted the mixing of mustard oil with any other cooking oil with effect from 1 October. In a letter to the Food Safety Commissioner of all States and Union Territories, FSSAI claimed that “the blending of mustard oil with any other edible oil in India has been prohibited with effect from 1 October 2020.”
10. New Tax Collected at Source (TCS) regime
The Income Tax Department released guidance on the applicability of the TCS law requiring an e-commerce provider to deduct 1% tax on the selling of goods and services. The Tax Collected at Source (TCS) scheme will come into operation from 1 October. The Finance Act 2020 established a new section 194-O of the Income Tax Act 1961, which allows the e-commerce provider, with effect from 1 October 2020, to deduct income tax at a rate of 1 % of the total sum of sales of goods or supplies or both, enabled by means of its digital or electronic facility or website.