Crucial changes in governing rules of PF, GST, Post Office policies and other schemes from 1st of April

Medicines to become expensive

New Delhi – With the 1st of April marking the beginning of the new financial year, it is said that various security and saving related schemes from PF to GST would have their rules revised. Cryptocurrency investors would have to pay taxes on their returns. From 1st April, around 800 critical medicines would be 10.7% costlier, the list also includes the generic tablet, Paracetamol, in it.

Following are the important changes

  1. Provident Fund (PF) will be taxed from the 1st of April. Up to Rs 2.5 lakh will be tax-free and for Government employees, a PF account up to Rs 5 lakh will be tax-free.
  2. Rules governing Post Office schemes such as Monthly Investment Scheme (MIS), Senior Citizen Savings Scheme (SCIS), Fixed Deposit schemes, etc. would be revised. The return from these schemes cannot be cashed out, rather it would be deposited into the investors’ savings account. Thus it would be mandatory to open a savings account in the post office, in other words, if the investors’ have not linked the savings account to the investment plan, they would not receive the due returns from the matured schemes.
  3. The Central Board of Indirect Taxes and Customs, under goods and services, have reduced the limitation for businesses to produce electronic challan from Rs 50 crore to Rs 20 crore.
  4. From 1st April, Axis Bank account holders are required to have a minimum amount of Rs 12,000 instead of Rs 10,000 in their savings account.