Bhopal (Madhya Pradesh): Liquor ahatas (open air bars) will be closed in Madhya Pradesh from April 1, 2023. Land rates, price of gold and household items will increase as new tax slabs and hold hallmark rules come into force from April 1.
New tax slab - no tax up to Rs 3 lakh income, 5% on income from Rs 3 lakh to Rs 6 lakh income, 10% on income from Rs 6 lakh to Rs 9 lakh, 15% on income from Rs 9 lakh to Rs 12 lakh and 20% on income from Rs 12 lakh to Rs 15 lakh - will be effective from April 1.
Import duty will also increase from April 1. As a result, household items will be costlier. This may increase prices of plastic goods, jewellery, high-gloss paper, vitamins, electric chimney, gold and platinum. The customs duty on chimneys has been increased from 7.5 per cent to 15 per cent.
Hallmark rules for gold will also change from April 1. The sale of hallmarked gold jewellery and gold artefacts with only a six-digit alphanumeric HUID number will be permitted from 1 April, 2023. According to Ministry of Consumer Affairs, jewellery bearing four-digit Hallmark Unique Identification (HUID) will not be sold.
Securities and Exchange Board of India had announced that the last date to link PAN card with Aadhaar is March 31, 2023. Otherwise, the PAN card will become ineffective.
Life insurance premium over annual premium of Rs 5 lakh will be taxable from April 1, 2023. There will not be capital gains tax if physical gold is converted into an Electronic Gold Receipt (EGR) and vice-versa. This will be effective from 1 April 2023. The land registry rate, rate of lands will increase in Madhya Pradesh. The department of stamps and registration has increased registry rate in 18,000 locations in the state. Large number of people were seen at registrar's office on Friday to get properties registered on old rates.
