These 11 major changes will happen from January 1, 2023

Many new changes related to pockets are also going to happen. Some changes will be beneficial for you, while some changes can also be heavy on your pocket. At the same time, there are many such works which you can get done by December 31, then you can also get relief from paying a higher price on the new year.

1. Expensive to buy a vehicle

If you were planning to buy a new car, then the new year will be expensive for you. Almost all the major car bike companies of the country are going to increase the prices of their products by up to Rs 90,000. Maruti, Kia, Tata Motors, Mercedes, Hyundai, Audi, Renault and MG Motors have already announced a price hike. At the same time, Hero MotoCorp has also announced a price hike.

2. Change in Bank locker rules

If you have rented a locker or plan to rent one to store your valuables in a bank locker, then you should be aware of the new bank locker rules laid out by the Reserve Bank of India (RBI) that came into effect on January 1, 2022. The RBI announced the new guidelines via a notification on August 8, 2021

While banks will begin implementing operational standards on January 1, 2022, safe deposit locker holders will need to execute a new locker agreement with the bank in order to be eligible for the new pay.

Banks are free to use the IBA-drafted model locker agreement. According to the RBI notification, this arrangement must comply with the updated instructions as well as the Supreme Court’s directives in this regard.

According to the Reserve Bank of India revised instructions notification, “Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements. Further, the terms of the contract shall not be more onerous than required in ordinary course of business to safeguard the interests of the bank. Banks shall renew their locker agreements with existing locker customers by January 1, 2023.”

3. Credit card rules will change

If you also use a credit card, then the rules related to reward points in many banks are also going to change from January 1, 2023. For example, HDFC Bank will change the rewards point and fee structure of the credit card. Now you will also have to pay a fee of 1 per cent on this. Along with this, SBI has also changed some rules for its SimplyCLICK cardholders. In such a situation, if you have reward points in your credit card, then definitely redeem them by 31 December. In this case, use these reward points only in December.

4. it will be cheaper to watch tv

Your cable TV expenses may come down a bit this New Year. Under TRAI’s new rules, companies will now have to include channels priced below Rs 19 in the bouquet. At the same time, the limit of maximum discount on bouquet of channels has also been fixed at 45 percent.

5. motor insurance will be expensive

Motor insurance premium may also become costlier from January 2023. Insurance regulator IRDAI is considering new rules under which insurance companies can fix insurance premiums based on the use and maintenance of vehicles. There is a possibility that people may get a shock of expensive insurance premiums from the new year. Apart from this, it will be mandatory for you to submit KYC i.e. Know Your Customer documents.

6. GST E-invoicing will be mandatory for traders

e-Invoicing or electronic invoicing system was introduced under the Goods and Services Tax (GST) law. It applies to certain taxpayers registered under the GST law in phases.

A government official had revealed to media houses that the government plans to implement the next phase, the sixth phase, from 1st January 2023, yet to be notified. However, on 26th December 2022, the CBIC clarified that it won’t begin from 1st January 2023.

Latest Update

27th December 2022

  • The GST Council recommended a reduction of the e-invoice threshold to Rs.5 crore starting on 01st January 2023, but the Govt has not issued a notice about this creating uncertainty among taxpayers

The same opt in the same year financial year to the companies whose turnover is over Rs 10 cr and then to Rs 5 cr. The same would be chosen to prevent revenue leakage and provide simple rules.

7. high security number plate high fine

High Security Registration Plates were already made mandatory. However, its deadline keeps on moving in between. If the time limit for installing high security number plates is not extended, then you may have to pay a heavy fine of up to 5 thousand. In such a situation, if your vehicle has not yet got a high security number plate, then get it installed immediately.

8. gas price changes

This change does not have much to do with the new year, but with the change of the calendar of the month, this change is also expected. CNG and PNG prices change mostly on the first date or first week of the month. The prices of commercial cylinders were reduced in early November 2022. However, there was no change in the prices of domestic LPG cylinders.

9. IMEI registration mandatory for phone manufacturers

This change is related to the phone manufacturers. From 1st date, registration of IMEI number of every phone will be necessary for every phone manufacturer and its import and export company. The government is going to implement this system from January 1, 2023 to curb the increasing digital fraud in the country and the world.

10. There will be no partial withdrawal from NPS

This news is for those who are thinking of withdrawing some amount from NPS account. From the new year, you will not be able to make partial withdrawals online from NPS accounts. There is also going to be a big change in the rules related to partial withdrawal from NPS accounts. On or after January 1, 2023, employees of the Central Government, State Government or Government Institutions will not be able to make online partial withdrawals from their NPS accounts on the basis of self-declaration. In fact, the Pension Fund Regulatory and Development Authority (PFRDA) had given this facility to government employees keeping in mind the Kovid 19 epidemic, which is now being withdrawn.

11. Before 1 Jan 2023

according to the CBDT, if you fail to file your ITR on or before December 31, 2022, you will not only face the consequences as a non-filer, but a taxpayer can’t even file a revised return after December 31, 2022.

So, even for those taxpayers, who have already filed the returns, revised returns have to be filed on or before December 31, in case of any error.

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