Many changes will take place from July 1 between the coronavirus crisis, which will affect our lives. As the Unlock-2 process begins on July 1, there will be changes in the prices of banking, mutual funds, and cooking gas, the burden of which will be in your pocket. In such a situation, you need to know what things are changing because a minor mistake can overwhelm you.
1. Stamp duty will be levied on the purchase of a mutual fund – If you buy a mutual fund from July 1, you will have to pay stamp duty on it. If you buy SIP (Systematic Investment Plan) and STP (Systematic Transfer Plan) you will still have to pay stamp duty.
This duty has to be paid on all types of mutual funds – whether you buy debt mutual funds or equity mutual funds. The biggest impact of this stamp duty will be seen on debt funds, which are usually for a short duration. According to this rule, you will have to pay 0.005% of the total investment as stamp duty when buying a mutual fund.
2. No rebate will be available on ATM transactions – From today, all bank account holders will not get any rebate on cash transactions from ATMs. As before, only 8 transactions will be done every month in metropolitan cities and 10 in non-metropolitan cities. Due to the coronavirus, people were first given unlimited withdrawal facility from ATMs.
3. Less interest will be given on the PNB savings account– Punjab National Bank (PNB) has cut interest on a savings account by 0.50 percent. Beginning July 1, the bank’s savings account will earn a maximum interest of 3.25 percent per year.
In the PNB savings account, you will get 3 percent per annum on the balance of up to Rs 50 lakh and 3.25 percent per annum on the balance of more than 50 lakhs. Earlier, the country’s largest bank SBI and Kotak Mahindra Bank had also reduced the interest rate on the savings account.
4. Easy registration of new companies online – From July 1, starting a new company or business has become very easy.
- The company can be registered only through your Aadhaar card while sitting at home. The government has issued new guidelines for online registration of the company based on self-declaration.
- The new guidelines will be effective from today. Now several types of documents have to be submitted to get the company registered.
- The information on the portal has to be made public before July 1, 2020. On June 1, the Ministry of Micro, Small, and Medium Enterprises had announced the new standards for the classification of MSMEs based on investment and business. The new rules are going to be effective from July 1, 2020.
5. ‘Sabka Vishwas Yojana‘ will not get the benefit– The deadline for payment of ‘Sabka Vishwas Yojana’ introduced for resolution of old pending disputed cases related to service tax and central excise is 30 June. From July 1, you will not be able to get the benefits of this scheme. Everybody believes that the scheme is the solution to every problem in the tax dispute. The government has made it clear that after June 30, it will not extend the deadline for this scheme.
6. LPG cylinder and ATF prices will change– Oil marketing companies announce new prices of LPG cylinder and air-fuel on the first date of each month. The prices have been increasing since the last few months.
7. Unlock-2 will begin The government has issued guidelines for ‘Unlock-2’ on Monday night after ‘Unlock-1’. According to the guidelines, all educational institutions, schools, and colleges will remain closed till 31 July.
8. Minimum balance to be maintained in the account – The government had given the facility to keep a minimum balance in the savings account till June 30. However, now this facility will also be stopped.
In such a situation, the account holders will have to keep a minimum balance in the savings account every month according to the rules of their banks. The need to keep a minimum monthly balance maintained was eliminated during the lockdown. In a metropolitan city, urban and rural areas different minimum balance is charged.
9. Account Freeze: According to sources, a bank account can be frozen if the bank customer does not submit the necessary documents to continue banking services.
10. Nil GST Returns can be filed via SMS – Taxpayers can now filing ‘Nil GST Return’ of Goods and Services Tax( GST) Monthly and quarterly statement of sales through SMS from the first week of July GSTR- 1 ‘. CBIC said in a statement that this step will make GST Compliance easier for more than 12 lakh registered taxpayers.
11. Withdrawing money from the PF account will not be easy as earlier– Due to COVID-19, Employees Provident Fund Organization (EPFO) has given EPF account holders a fixed amount (75% of the amount deposited in the account or equal to three months salary) was allowed to withdraw. Its deadline ended on 30 June. In such a situation, you will not be able to claim PF in advance after July 1.