4 Big Changes That Will Affect Your Pocket From May 1, 2023

May 1, 2023, marks the beginning of a new month and with it comes several significant changes that will have a direct impact on the common man’s pocket. From fluctuating prices of CNG and PNG to revised rules in Goods and Service Tax (GST), let’s take a closer look at what these changes entail.

The prices of CNG and PNG

The prices of CNG and PNG tend to change every month, and this May is no exception. Petroleum companies often modify the prices of gas in the first week of the month, especially in Delhi and Mumbai. Last month, the prices of CNG and PNG in Delhi NCR were reduced after a drop in Mumbai. Currently, PNG is available in Delhi at a rate of Rs 48.59 per SCM. This new price went into effect on April 9, and Indraprastha Gas Limited also reduced the cost of CNG in Noida, Greater Noida, and Ghaziabad.

the rules of GST

Another significant change that comes into effect from May 1 pertains to the rules of GST. Businessmen are now required to follow new regulations, which mandate uploading receipts of any transaction on the invoice registration portal within seven days. This rule applies to companies with a turnover of Rs 100 crore or more. Previously, such businesses had to upload the electronic invoice on the same date it was generated, regardless of when it was reported.

The rate of gas cylinders

The rate of gas cylinders also tends to fluctuate at the beginning of every month. Last month saw the prices of LPG commercial gas cylinders drop by up to Rs 92. Companies reduced the price of LPG cylinders, and in Delhi, a cylinder previously priced at Rs 2253 was reduced to Rs 2028. This reduction provides significant relief for Delhi residents, as they stand to save Rs 225 per cylinder annually.

Bank Holyday

It’s important to note that banks will be closed for a total of 12 days across the country in May. However, this doesn’t mean you can’t get your banking work done. Mobile and net banking services remain available on bank holidays, allowing you to quickly and efficiently handle your transactions.

These changes will have a direct impact on the common man’s pocket, and it’s essential to keep yourself informed and updated to avoid any unwelcome surprises. Stay vigilant and take advantage of the services that remain available to ensure that your financial dealings are as smooth as possible.

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