Restructured gas cylinder prices improved affordability, and accommodations were provided for female lawmakers. Revisions were also made to the online gambling tax structure.
Notably, these adjustments can support the Bharatiya Janata Party (BJP), which is now in power, in its quest for a third straight term in the general elections in 2024.
These are all the policy changes that influenced 2023.
Domestic LPG petrol cylinder prices have dropped by Rs. 200.
The Union Government declared in August that domestic liquefied petroleum gas (LPG) cylinder prices would be slashed by Rs. 200.
As a result, a 14.2 kg LPG cylinder in Delhi was formerly priced at Rs. 1,103, but now only Rs. 903.
The fee was reduced to Rs. 703 for those who are beneficiaries of the Pradhan Mantri Ujjwala Yojana (PMUY).
Passage of the Women’s Reservation Bill in Parliament
The Women’s Reservation Bill, also known as the Naari Shakti Vandan Adhiniyam, finally passed both Houses in September after nearly thirty years of delays.
Nevertheless, it may not be until 2029 that the promised 33% quota for women in the Lok Sabha and state legislative assemblies is put into effect.
Women can only use the quota following the first delimitation exercise that happens after the measure is enacted, which is anticipated to happen after the census in 2027.
GST of 28% applies to internet gaming
The Union Government imposed a 28% GST on the sum paid at the entrance level for online gaming, marking a significant policy adjustment.
The restrictions, which went into effect on October 1, levied a 28% tax on the entire amount of bets made on internet games, regardless of whether they required skill or luck.
The action was a component of the government’s attempts to control real-money online gaming.
The bullet train will launch in 2026.
This year, the government has placed high-speed trains at the forefront of its growth strategies.
In 2023, at least 27 semi-high-speed Vande Bharat trains were launched.
In addition, Union Railway Minister Ashwini Vaishnaw declared that India’s first bullet train would begin service in 2026.
The first bullet train will travel from Mumbai, Maharashtra, to Ahmedabad, Gujarat.
Transaction fees for UPI
Prepaid payment instruments used in Unified Payments Interface (UPI) transactions were subject to an interchange fee of up to 1.1% as of April 1.
Using a wallet to make UPI payments for utilities, fuel, education, and agriculture results in an interchange fee of 0.5-0.7%.
The maximum fee for tuition expenses paid in this manner was Rs. 15. Retail establishments, food stores, and contractors pay 1.1% interchange fees.