LPG New Rule July 2023: Many big changes in LPG and credit cards from July

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LPG New Rule July 2023 : As June bids adieu and July progresses, an air of anticipation hangs in the air. With each passing month, the inevitability of significant change becomes apparent. This time is no exception, as a wave of reforms is set to sweep across domains. On the one hand, adjustments are underway in prices and regulations governing many essential commodities, including important entities such as cooking gas (LPG), commercial gas and the CNG-PNG sector.

During next July, changes are on the horizon that will directly affect the financial status of the common man. It is imperative for you to have a thorough understanding of these circumstances. Now, let’s explore the imminent changes set to take effect for everyone starting July 1.

Changes in LPG prices

State-owned oil companies in the country make it a practice to fix or change the price of LPG gas every month. Once again, it is expected that LPG gas prices will be revised early next month. The price of 19 kg commercial gas cylinder had decreased in the previous months of May and April, while the price of 14 kg gas cylinder remained stable.

This time, it is expected that LPG prices will come down, due to this particular reason.

20% TCS on credit card spending

Starting from the first day of July in the year 2023, individuals will have the opportunity to apply Tax Collected at Source (TCS) on their expenditure incurred through credit while traveling abroad. In this provision Rs. A rate of up to 20% is included on expenditure above 7 lakhs. However, it is worth noting that for educational and medical purposes, this charge will be reduced to 5% only. On the contrary, if one opts for an education loan abroad, this charge will come down significantly to a minimum rate of 0.5 percent.

CNG and PNG price changes [LPG New Rule July 2023]

Gas prices in Delhi and Mumbai are subject to monthly fluctuations including this month. Petroleum companies have the authority to change the prices of CNG and PNG on the first day of every month.

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Last date for filing ITR

It is mandatory for all taxpayers to submit their ITR (Income Tax Return) and the deadline for this falls in July. Therefore, it is crucial that if you have not yet filed your ITR, you do so by the last day of July, which is 31 July.

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