Rule Changes Effective September 1st: Several rules affecting your finances have changed starting September 1st. Government regulations often change on the first of the month, affecting your daily life. With the arrival of September, new rules on everything from LPG cylinders, income tax, and milk prices to air travel have taken effect. Some of these changes will directly impact your wallet. To avoid unexpected extra charges or penalties, here are three major changes that took effect on September 1st.
Commercial Cylinders Become Costlier
The price of 19 kg commercial cylinders has increased by ₹9.50. Additionally, the price of the 5 kg non-domestic cylinder has risen by ₹2, from ₹762 to ₹764. This could lead to higher food prices at hotels and restaurants. However, rates for 14.2 kg domestic LPG cylinders have not changed.
Milk Prices Hiked
The Mumbai Milk Producers Association has raised the wholesale price of buffalo milk procured from dairy farms from ₹93 to ₹102 per liter. Consequently, purchasing milk will become more expensive for residents of Mumbai and surrounding areas. This significant ₹9 hike in milk prices will remain in effect until February 28th.
Penalty for Filing ITR
For the Assessment Year 2026-27, the deadline for taxpayers with non-audit accounts to file their Income Tax Returns (ITR-3 and ITR-4) without a penalty was August 31st. Those who have not yet filed their ITR will now be required to pay a late fee when they file.
What are the consequences of not completing LPG e-KYC?
The deadline for completing biometric e-KYC was August 31, with the new requirement taking effect on September 1. Consumers who have not completed the e-KYC process may face a suspension of the government subsidy on their cooking gas.
Linking Bank Account with GST
To curb tax evasion, linking a bank account with the GST portal is mandatory starting September 1. New traders must update their account details within 30 days of registration; otherwise, their GST registration will be suspended.