• Parag Negi
  • 05-Aug-2019

3 financial changes that will affect your expenses in august

A new month has been begun and there are some changes that are imposed with effect from 1 august that will impact your household expenses and monthly savings as well.

If you are a state Bank of India (SBI) customer, charges on money transfer using mobile or internet banking via IMPS ( Immediate payment services) are lifted from 1 August 2019. Charges for IMPS through bank branches have been waived to the extent of rs. 1000.

' The Bank will waive off the IMPS charges for its INB, MB and YONO customers effective from august 1 2019', SBIhas said in a statement last month.
In july, SBI has waived off the fee on RTGS and NEFT transaction in accordance with the RBI's decision to promote digital transactions.
RTGS is ued for High Value Transactions, while NEFT is for transactions to the amount of rs. 2 lakh.
A year after kerela was suffered from massive destruction from flood, one percent 'floddcess' will be imposed in the state in addition to GST on goods and services with effect from  August 2019 for a period of  years.
The revenue from the cess will help the state goverment to gather funds to reconstruct and rebuild the damage caused by flood and also pay compensation to those affected by it.

During the budget presentation in january, Kerala's Finance Minister TM Thomas Isaac had announced the imposition of one percent cess on goods that fall within the GST tax brackets of 12,18 and 28 percent and 0.25 percent cess on goods that fall under the fifth schdule of GST, which includes gold, silver and platinum ornaments for a period of  2 years.
It will surely increase the price of more than 900commodities that fall under these categories, including rice as well.
Lower GST on Electric vehicles-
In july, the GST council reduced taxes imposed on electric vehicals from 12 percent to 5 percent. The rates become effective from 1 august. Taxes and chargers and charging stations for EVs were also cut from 18 percent to 5 percent.
This is significant price cut for those looking to buy electric vehicals.
Other charges-
1. For those looking to take loans, for 10 basis point cut in interest rates of HDFC housing loans will be effective from  august 2019.
2. SBI and PND fixed deposit interest arte is cut is applicable from 1 august
3.Non-subsidised LPG cylinder rates were lowered by rs. 65 for the month of august.