6 Rules that will change from November 1; Know what will be the effect of your pocket

Numerous regulations, such as those governing the purchase of LPG cylinders and electricity subsidies, will change as of November 1. The ordinary person will be impacted by the rules. Almost all of these are designed to increase your convenience. Changes can also affect your pocket when they occur concurrently.

Let us know what are the changes and how will they affect you.

1. KYC mandatory in insurance

Insurance regulator IRDAI has made KYC mandatory for buying non-life insurance policies. Until recently, it was only necessary for life insurance and non-life insurance, such as health and vehicle insurance, when claims exceeded one lakh rupees. But starting on November 1 it will be required for everyone.

2. Train Timings

The country’s train timetable may alter beginning November 1, according to reports. This can be used on thousands of trains around the nation. Passengers who purchased tickets for November 1 and later in October will encounter challenges as a result of the change in train schedules. In this case, it is important to be aware of train schedules before boarding.

3. LPG gas cylinder price

Every month on the first, petroleum companies revise and publish new tariffs for LPG gas cylinders. The price of 14 kilogramme home gas and 19 kg commercial gas may also change on November 1.

Commercial gas cylinder prices were decreased by Rs 25.5 on October 1 by several businesses. However, the cost of LPG may grow given the rise in gas prices on the global market.

4. LPG cylinder delivery after giving OTP

OTP will arrive on your registered mobile after the LPG cylinder has been booked. Only then will you receive it; you must inform OTP at the time of gas delivery.

5. Four-digit HSN code for GST return

The guidelines for GST returns are changing. The inclusion of a four-digit HSN code in the GST return will now be required for taxpayers with a revenue of less than Rs 5 crore. A two-digit HSN code was formerly required to be entered.

Prior to this, taxpayers with a turnover of more than five crores were required to enter a four-digit code starting on April 1, 2022, and subsequently a six-digit code starting on August 1, 2022.

6. New rule of electricity subsidy in Delhi

Delhi’s new electricity subsidy regulation will take effect on November 1st. This means that people who have not applied for a subsidy will need to cover their unsubsidized expenses in October, but they may do so in November. By October 31, 2022, an application must be submitted in order to get the subsidy for that month.