Your financial life will change starting on October 1! Check out top 5 changes
Personal Finance Latest News: From October 1st, there would be various changes that will have direct impact on your pocket like expenses on flights, retail loans, etc.
Personal Finance Latest News: From October 1, there are a number of tax-related changes that will have a direct impact on your personal finance like expenses on flights, retail bank loans being linked with RLLP (Repo Linked Lending Pattern), changes in driving licence norms etc. The GST Council has also slashed tax from 18 per cent to 12 per cent on Hotel Room Rent priced from Rs 1001 to Rs 7,500. So, Please find below the top 5 changes from October 1 that would directly impact your pocket expenses.
From October 1, India's largest commercial bank State Bank of India (SBI) has linked its retail loan's lending rates with RBI's Repo Lonked Lending Pattern (RLLP), which is in sync with the RBI's circular dated 4th September 2019. Several other banks like IOB have followed suit and have decided to link the rate of personal and other retail loans with the RBI's Repo Rate. As a result, personal loan, auto loan, home loan etc. would become cheaper by around 0.4 per cent. Photo: Reuters
From October 1, there are changes in the driving license (DL) norms as well. From now onwards, there will be one DL and RC. Prior to October 1, each state had its own norms and policy in regard to DL and hence the format of DL and RC were different in different states. What a DL and RC holder needs is to get one's DL updated. Photo: Reuters
If you have bought some services or a product then you need not to follow the customer care of the company providing that service or the product. From October 1, there would be a Consumer App at pan India level. One needs to put forth one's grievance on that app and the complain would automatically get addressed through proper channel. Photo: Reuters
Prior to October 1, the GST applied on the hotel room rent priced from Rs 1,001 to Rs 7,500 one had to pay 18 per cent GST. However, now, the GST applied on such hotel rooms is 12 per cent. Photo: Pixabay
For domestic travelers, it can be a piece of great news for them as under the regional connectivity scheme, from October 1st, Kolkata and Ahmadabad will have direct flight services. In fact, budget airline SpiceJet has already begun its direct flight services between the two air destinations from October 1st. Photo: Reuters