Good news! Spending less money, driving licence to SpiceJet, how things have changed from October 1
In the recently held 37th GST Council meeting in Goa, Finance Minister Nirmala Sitharaman approved reduction in the GST on hotel room rent to give a boost to the tourism sector.
With the beginning of October, there are several rules that will undergo change to make people's life easier. Among these key changes include reduction in GST rates charged on your hotel bill to paying less interest on your business and retail loan, and your driving license would also undergo change with the implementation of new traffic rules. Here are five key changes:
1. Your stay in hotel would be cheaper
In the recently held 37th GST Council meeting in Goa, Finance Minister Nirmala Sitharaman approved reduction in the GST on hotel room rent to give a boost to the tourism sector. Now, the GST rate on hotel rooms rented from Rs 1,001 to Rs 7,500 per night has been reduced from 18 per cent to 12 per cent. Similarly, the GST rate has been reduced from 28 per cent to 18 per cent on room rents above than Rs 7,500 per night. The council also decided that no GST will be changed on rooms with rent below Rs 1000. These new rates are applicable from October 1, 2019 onwards.
2. Loans at Repo rate
SBI, the country's largest bank, has decided to add its floating loan rate to Repo rate from October 1, 2019 as an internal benchmark. The new norm would benefit customers as this will affect your home loan, business loan and retail loan. Notably, the Repo rate is the interest rate at which the Reserve Bank of India (RBI) gives loans to commercial banks for a short time. Under the new rule, SBI will charge 0.15 percent from its salaried customer on a home loan up to Rs 30 lakh. According to the SBI's website sbi.co.in, this will now make home loan available for customers at 8.20 per cent interest rate. The women customer will get a further discount of 5 basic points.
3. Driving licence and RC will be same across the country
Under the new traffic rules, your driving licence will also change from October 1, as the central government has decided to change the rules of driving license as there are different formats of driving license as well as RC in every state. Apart from this, the states also have recorded rules in different ways, but now licenses and RCs in the entire country will be based on a uniform format. The driving licence and registration certificate in every state will now of the same colour.
4. App to address consumers' complaints
This App will facilitate consumers to assert their right if they have grievances against any product purchased from a firm. If you have any complaint about any purchased goods or service and it is not being resolved, but now this 'Consumer App' will help you settle your matter. Yes, Government of India would launch this app to provide consumers an option to lodge their complaints. Union Consumer Affairs Minister Ram Vilas Paswan will launch this consumer app today.
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5. Spicejet launches new flight
Budget Airlines SpiceJet is launching a direct flight between Kolkata and Ahmedabad from October 1, 2019, under the Regional Connectivity Scheme (RCS). The new Spicejet service is to facilitate traders travelling between Kolkata and Ahmedabad. With the commencement of this flight, these passengers from business fraternity will have a better option of travel.