Hyderabad: Starting October 1 rules regarding credit and debit cards, health insurance and driving licence among others are going to change with changes being brought about by RBI, insurance regulator and also by amending Motor Vehicle Rules. Below are some of the changes being implemented in various segments:
Transport and navigation rules
As per the amendments brought by the Ministry of Road Transport and Highways, drivers need not carry a copy of their RC and driving licence and a soft copy will also be valid. These changes will come into effect from October 1 and the Centre will be digitising documents pertaining to e-challans and drivers can maintain their documents on the online portal like Digi-locker and m-parivahan.
In addition, mobile phones can be used for route navigation in such a manner that it does not disturb the drivers’ concentration.
Tax and health insurance
Foreign remittances above Rs 7 lakh will attract tax collected at source (TCS) from October 1 unless tax is already deducted at source (TDS) on that amount. In terms of health insurance, prices of premium insurance will eventually rise and while Covid-19 will be included and post that 17 permanent illnesses will also be included.
As per the guidelines for applicability of TCS provision requires an e-commerce operator to deduct 1 per cent tax on sale of goods and services. The new regime mandates an e-commerce operator to deduct income tax at the rate of 1 per cent of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform.
Debit and credit cards
As per the new guidelines issued by RBI, card users will now be able to register opt-in or opt-out of services, spend limits, etc. for international transactions, online transactions as well as contactless card transactions.
Purchasing TV to become costly
Open cell panels will attract 5 per cent import duty from October 1, this comes after the government wants to Aatmanirbhar Bharat and to expand domestic production capacity for open cell panels. The one-year exemption expires September 30.
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