Some rules related to your life will change from tomorrow, it will affect your pocket

New Delhi (Best Hindu News)- Today is 31st July and August will start from tomorrow. Many such changes will be implemented on the first day of August, due to which the difference will be seen in the financial and social sector. These rules are related to payment of income tax return, GST and credit card. In such a situation, changing them will have a direct impact on your pocket. From August 1, 2023, various changes related to GST, payment system will come into effect, as well as the prices of LPG, PNG and commercial gas are expected to change. Let us know about the major changes that will happen from August 1. Today is the last date for filing income tax return ie income tax return for the assessment year 2022-23. This deadline is for those taxpayers who do not have to get their accounts audited. This opportunity will end from 1st August and you may have to pay a penalty for not filing your ITR. It is worth noting that a provision has been made to charge late fee of Rs 1,000 to taxpayers with annual income up to Rs 5 lakh, while for annual income above Rs 5 lakh, Rs 5,000 for late filing of income tax return. Similarly, the rules of GST have also been amended, which will be applicable from 1st August.

According to the government’s announcement, from August 1, 2023, businessmen with a turnover of more than Rs 5 crore will have to give electronic invoices. In such a situation, it is necessary for the businessmen coming under the purview of GST to prepare an electronic invoice knowing in detail about the relevant rules. There is a possibility of change in the prices of LPG as well as commercial cylinders in August. Oil companies change the price of LPG on 1st and 16th of every month. Apart from this, the rates of PNG and CNG may also change.