New Rules From 1st Jan 2023: Rules are changing from bank locker to GST; your pocket will be directly affected

Rules Change from 1st January 2023: Only a few days are left for 2023 to begin. Every year, changes occur at the start of the new year that have an immediate impact on your life. In order to avoid problems in such a situation, it is essential for you to be aware of these changes.

These changes include bank lockers, credit cards, GST e-invoicing, high security number plates and CNG-PNG prices. All of these changes will become effective on January 1, 2023.

If you have any important work left, get them done quickly this month i.e. by December 31, so that you don’t face any problem.

Let’s know about these changes which will be implemented from the first date of next month:-

Bank Locker New Rules

The new bank locker rules released by the RBI will take effect on January 1, 2023. Following its implementation, banks will be unable to act arbitrarily with relation to lockers. Furthermore, if any damage occurs to the goods stored in the locker, the bank will be held liable. If you have a bank locker, you will need to sign a new agreement with the bank by December 31.

For this, banks are informing customers about the change in rules through SMS and other means.

GST Invoicing

According to media sources, those doing business worth more than Rs 5 crore will be required to generate e-invoicing, or electronic bills, beginning January 1, 2023. Previously, the limit was Rs 20 crore. If you are a businessman in this situation, the rules of E-Bill are changing for you. Beginning January 1, traders will only be able to issue bills through the portal. Where there will be system transparency and a prohibition on obtaining input tax credit by fabricating fraudulent bills.

Changes in Credit Card Rules

If you use credit cards for bill payments and shopping, this change could be quite beneficial to you. According to media sources, several banks may change their reward point scheme for credit card payments. In this case, you must redeem the credit card reward points by December 31.

Insurance Premium can be Expensive

Insurance premiums may become incredibly expensive as from 2023. The IRDAI is proposing new criteria for insurance premiums depending on vehicle use and maintenance. There is a chance that customers will be surprised by high insurance costs in the new year.

High Security Number Plate

In several states, the deadline for installing high security number plates is December 31, 2022. You may be challaned if you do not have the high security number plate fitted on your car by this date. However, state administrations have repeatedly extended the deadline.

CNG-PNG Price Changes

CNG and PNG prices tend to fluctuate around the first of the month. Commercial cylinder prices were decreased in early November 2022. Domestic LPG cylinder pricing, on the other hand, remained unchanged. In Delhi and Mumbai, petroleum companies modify the price of gas in the first week of the month. However, there has been a spike in CNG and PNG pricing in Delhi-NCR and Mumbai in recent months.