Gas Price Relief, Railway Fare Hike From July 1
India has implemented several major financial and regulatory reforms, directly impacting the cost of living and consumer services. These changes include revisions in gas cylinder pricing, railway fares, banking charges, income tax deadlines, and environmental enforcement measures.
In a relief for commercial consumers, oil marketing companies reduced the price of commercial LPG cylinders by ₹58.5, although domestic cooking gas rates remain unchanged.
In contrast, Indian Railways has implemented a fare hike for the first time since 2020. Non-AC passengers will now pay 1 paisa more per kilometre, while AC class fares will increase by 2 paise per kilometre. Additionally, new rules for Tatkal bookings are now in effect — Aadhar authentication is mandatory for IRCTC Tatkal bookings, and OTP verification will be required starting July 15. Bookings by authorized agents are restricted during the first 30 minutes after the booking window opens.
ITR Filing Deadline Extended to September 15
To ease the pressure on taxpayers, the Central Board of Direct Taxes (CBDT) has extended the Income Tax Return (ITR) filing deadline for the assessment year 2024–25 from July 31 to September 15, granting an additional 46 days. However, tax professionals have advised early filing due to recurring technical issues on the ITR portal.
Banking Charges Revised: Credit Cards, ATM Withdrawals, IMPS Transfers
Several banks have introduced or updated charges impacting day-to-day banking:
-
HDFC Bank has introduced new credit card rules, including a 1% fee on:
-
Gaming spends above ₹10,000
-
Utility bill payments over ₹50,000
-
Wallet loads exceeding ₹10,000
-
Spending via third-party apps (limited to ₹4,999 per transaction)
-
-
ICICI and Axis Bank have revised ATM withdrawal fees:
-
Five free withdrawals per month at own-bank ATMs; ₹23 per additional withdrawal
-
Three free withdrawals at non-network ATMs in metros and five in non-metros; ₹23 per extra transaction
-
-
IMPS transfers will now incur charges ranging from ₹2.5 to ₹15, depending on the transaction amount
-
Cash deposits above ₹1 lakh in savings accounts will attract a fee of ₹150 plus ₹3.5 per ₹1,000 deposited
Environmental Enforcement and GST Filing Changes
In a push to control air pollution, Delhi has started using Automated Number Plate Recognition (ANPR) cameras at fuel stations to enforce the ban on End-of-Life vehicles by denying refuelling to non-compliant vehicles.
Meanwhile, the GST Network (GSTN) has confirmed that once a GSTR-3B return is submitted, no edits can be made, effective July 1, 2023. This change is aimed at ensuring better compliance and data integrity.
Call Money Market Hours Extended
In a move to provide more flexibility to banks, the Reserve Bank of India (RBI) has extended call money market hours from 9 AM to 7 PM, offering two extra hours for interbank transactions.
Expert Opinion: A Mixed Bag for Consumers
A senior CBDT official explained that the intention behind these measures is to “improve compliance and simplify systems.” However, financial experts caution that increased banking fees and transportation costs could put pressure on the average consumer, particularly when combined with ongoing inflation.