The online gaming sector will be impacted by the new rules. (Representational Pic)
Starting October 1, several new rules will come into effect. These rules, which will affect the daily lives of people, range from changes to the use of birth certificates to the implementation of the new TCS (tax collected at source) rule. Therefore, it is important to be aware of these fresh guidelines.
Here are 5 new rules that will come into effect from October 1:
The Registration of Births and Deaths (Amendment) Act
This law will come into force across the country from October 1. It will allow the use of a birth certificate as a single document for numerous purposes such as admission to an education institute, issuance of a driving licence, preparation of a voter list, Aadhaar number, registration of marriage or appointment to a government job. It will help create a national and state-level record of registered births and deaths, which will eventually ensure efficient and transparent public services and social benefits through digital registration.
Additionally, the act will also help avoid multiple documents to prove the date and place of birth, according to the government. It will even facilitate the registration process of adopted, orphan, abandoned, surrendered, surrogate child, and child to a single parent or unwed mother.
New 20% TCS rule
The new rates of tax collection at source (TCS) will come into effect from October 1. These changes are important for anyone planning international travel, investing in foreign stocks, mutual funds, cryptocurrencies abroad, or pursuing higher education overseas. If someone spends above a certain amount in a financial year, TCS will apply. However, travellers using international credit cards during overseas visits will not attract TCS, as per the Finance Ministry.
Under the Liberalised Remittance Scheme (LRS) by the Reserve Bank of India (RBI), one can send money abroad up to $250,000 per annum. But starting October 1, any remittance exceeding Rs 7 lakh for purposes other than medical and education will have a TCS of 20%.
28% tax on online gaming
Twenty eight per cent tax on online gaming will be effective from October 1, Finance Minister Nirmala Sitharaman announced in August. For the purpose of GST levy, the valuation of supply of online gaming and casinos will be done based on the amount paid or deposited with the supplier, excluding the winning amount in the bet.
Explaining the tax, the finance minister said that suppose a bet is placed for Rs 1,000, and the player wins Rs 300. Then if the player again places a bet of Rs 1,300, then GST will not be levied on the winning amount.
No automated IGST refunds on pan masala, tobacco from October 1
In a bid to curb tax frauds, automated refund of Integrated GST (IGST) on the export of pan masala, tobacco and similar other items will be restricted from October 1, as per the Finance Ministry. Exporters of such items will have to approach jurisdictional tax officers with their refund claims for approval.
The items on which automated IGST refund restriction has been imposed include pan masala, unmanufactured tobacco, hookah, gutkha, smoking mixtures for pipes and cigarettes and other items, including mentha oil. Such items attract 28% IGST, plus a cess.
Bharat NCAP norms to roll out next month
India's first car crash testing programme Bharat New Car Assessment Programme (BNCAP) will be implemented from October 1, 2023. Under this programme, car manufacturers can voluntarily get vehicles tested as per the Automotive Industry Standard (AIS) 197, the government has said.
Vehicles will get star ratings for Adult Occupants (AOP) and Child Occupant (COP) based on their performance in the tests. This will help assess to what extent a car may suffer damage in the event of an accident. Customers can refer to these star ratings to decide which car to buy.