New Rules Change: The month of July is starting in a few days and with the new month will come new changes, new rules. Every month some or the other new rules are implemented, while there are many amendments related to our pocket, needs, new changes come. This time also some things are changing. Let us see what is changing from July 1, 2023.
Rules for footwear companies
Large and medium scale manufacturers and all importers of footwear products like shoes and slippers will have to comply with the mandatory quality standards for 24 products from July 1.
The Quality Control Order (QCO) will ensure domestic production of quality footwear products and also curb the import of substandard products.
Right now these quality standards will be applicable only for large and medium scale manufacturers and importers, but from January 1, 2024, it will be mandatory for small scale footwear manufacturers to follow them as well.
TCS rules on Credit Card
The rule of 20% TCS (tax collected at source) is applicable on payment abroad by credit card. In fact, the Finance Ministry had decided to bring the expenses incurred through international credit cards under the Liberalized Remittance Scheme (LRS), due to which 20 percent TCS would be applicable.
The Income Tax Department is considering making a provision to give appropriate information to the card issuing bank in a fixed period in case of TCS being levied on the expenses made through credit cards abroad.
Income Tax Return Filing Last Date
If you have not yet filed income tax return, then you will have this opportunity in the whole of July. July 31 is the last date to file ITR.
LPG, CNG prices will change
From July 1, gas distribution companies will also change the prices of LPG and CNG-PNG, which will directly affect your pocket.