A Basic Overview
5 Adjustments From June 1st Every Businessmen Should Know: Tax, LPG, Petrol/Diesel, Trains, Unlock 1.0
A Basic Overview
A lot of key changes have will come into effect starting June 1. We have enlisted some basic and essential ones here:
- The government’s ‘One Nation, One Ration Card’ scheme, which provides subsidized food grains to almost 81 crore people in the country, will be introduced in 20 states and Union territories, across the country.
- Monuments and museums run by the state government are to be reopened.
- Tourists will have free admission fees for the first 2 weeks.
- The timing for monuments shall be for the first week of June between 9 a.m. and 2 a.m. on Tuesdays, Thursdays, Saturdays and Sundays.
- Public transport will also resume in some states.
5 Key Changes, W.E.F June 1
LPG Price Hike
- The 1st phase of unlocked India brings with itself, hike in price of non-subsidised LPG cylinders of Indane.
- The prices have hiked in the range of Rs 11.50 to Rs 37, in effect under four metro cities.
- In Delhi, the cost of LPG cylinder has risen to Rs 593.00.
- In Kolkata, this price has increased by Rs 31.50, now costing the LPG cylinder at Rs. 616.00.
- For Mumbai, this price has increased to Rs 590.50.
- In Chennai, the price went up 37 paise to Rs 606.50.
Passenger Trains Starting Partially
- Railways has resumed the operation of passenger trains partially from June 1.
- It started with 200 trains running on Monday.
- Mahanagari Express was the train among the additional 200 special trains, departed from Mumbai’s Chhatrapati Shivaji Maharaj Terminus for Varanasi.
- Along with these special trains, Rajdhani-type trains, and Shramik trains are already operational.
Income Tax Deductions
- The Central Board of Direct Taxes (CBDT) has notified income-tax return forms for the financial year ended March 31, 2020.
- These income tax forms incorporate the recent announcements made by the FM Nirmala Sitharaman, which will further ease the burden on taxpayers, especially in this Covid stricken time.
- The date for making various investments or payments for claiming deductions under Chapter-VI-A/B of the I-T Act was extended to June 30, 2020.
What can be Expected from Unlock Period?
The government has decided to open the country after over 2 months of lockdown period, in phases.
- The Unlock 1.0 phase has started from June 1.
- The first phase will allow reopening of religious places and malls and other public places.
- Schools and educational institutions shall reopen in the 2nd phase.
- In the third phase, government has planned on resuming international air travel, metro rail, etc.
- While, hotels, restaurants, other hospitality services and shopping malls will be opened from June 8 under phase one of the Unlock.
Petrol and Diesel Price Hike
Not just LPG, there has been price hikes in petrol and diesel too, from June 1.
- Maharashtra will witness the petrol and diesel prices hike by Rs 2, as the government hiked the cess on petrol to Rs 10.12 per litre from Rs 8.12 and on diesel to Rs 3 from Re 1.
- In Mumbai, petrol prices will rise to Rs 78.31 per litre, while the diesel retail rate will go up to Rs 68.21.
- The Jammu and Kashmir government has also increased tax on the sale of petrol and diesel by Rs 2 per litre and Re 1 per litre, respectively.
- Himachal Pradesh has also hiked rates on the sale of diesel and petrol effective from June 1.