From october 1st, several new changes have been implemented that are likely to affect your wallet. Whether you're traveling by train or buying insurance, these modifications can have a direct impact on your daily expenses. Let’s break down the six biggest changes that you need to know.

1. Aadhaar-Linked Railway Ticket Bookings

Starting today, the first 15 minutes after railway reservations open will be exclusively for passengers who have completed Aadhaar verification. This move aims to streamline the booking process and eliminate fraudulent activities. However, if you prefer to buy tickets at the PRS (Passenger Reservation System) counters, you can still do so without the Aadhaar requirement.

What’s in it for you?

While the new system might feel exclusive, it could offer faster and more secure bookings. But if you don’t have Aadhaar linked yet, it might slow you down in the long run.

2. Toll Tax Hike for National Highways

Another important change that directly hits commuters is the toll tax increase on several major national highways. Toll charges have gone up by an average of 5-10%, depending on your route. This will impact the cost of road travel, especially for long-distance drivers.

How will this affect your budget?

If you often drive on these highways, expect your fuel budget to rise as the toll tax hikes will add to your overall travel expenses.

3. Change in Insurance Premiums

Several insurance policies, including health and motor insurance, will see premium hikes from october 1st. These increases range from 5% to 15%, depending on the insurer and the type of policy. The government’s new norms for the insurance sector are partly responsible for these hikes.

Is it time to switch?

With premiums rising, now might be a good time to review your policies. You may want to explore cheaper options or higher deductibles to save costs.

4. GST on Online Gaming

The Goods and services Tax (GST) on online gaming and betting has been revised. The new rules state that GST will now be levied on the full value of stakes and winnings in online games, not just the platform fees.

How does this impact your gaming hobby?

If you enjoy online gaming or fantasy sports, you may find your winnings taxed more heavily. The impact on your pocket will depend on how much you spend or win while playing.

5. Increased Rates on Packaged Food Items

Packaged food, including snacks, canned items, and ready-to-eat meals, will now be subject to an increased GST rate of 18%. This is a significant rise from the previous 12% GST rate.

Planning a snack attack?

Packaged food lovers will feel the pinch as these price hikes push up the cost of your favorite snacks. It might be time to switch to fresh food alternatives.

6. Electricity Bill Surge

Expect a surge in electricity bills due to changes in power tariffs. While some states have introduced subsidies, others have raised rates for high-consumption consumers, meaning that your electricity bill could go up by 10-15% this month.

Time to save energy?

If you're in an area with increased rates, now is the time to cut back on non-essential energy use. Being mindful of your power consumption could help you save money in the long run.

These six changes, effective today, are designed to tackle various economic challenges but will inevitably impact your day-to-day expenses. Whether you're a frequent traveler or a food lover, being aware of these shifts can help you plan and adjust your budget accordingly.

Disclaimer:

The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.