Finish this important work by March 31, or you have to pay for it.| Why has been less purchase of low-cost goods in India?

 

Finish this important work by March 31, or you have to pay for it.

 

The last month of the financial year 2022-23 i.e. March has started. This month is very important from the financial point of view. In such a situation, before the start of the new financial year i.e. April 1, 2022, by the end of March, you will have to complete many important tasks. 

Let us know for which works the government has issued a deadline of March 31, 2023, due to which you may have to bear huge losses. If you have not yet linked your PAN and Aadhaar card, then before March 31, if both do not do so by March 31, 2023, your work will be done. You can link your PAN with your Aadhaar till March 31, 2023, with a late fee of  ₹ 1,000. 

Tell me, if the PAN card was closed due to not being linked to the Aadhaar card and you used it as a document after the PAN card was deactivated, then a fine of up to 10,000 can be imposed on you. If you have not done tax planning for the financial year 2022-23 yet, then this is your last chance. 

You can avail of tax exemption under section 80C by investing in PPF, Sukanya Samriddhi Yojana, tenure of five years FD, and ELSS. If you want to get tax exemption for the financial year 2022-23, then definitely invest in these schemes before 31 March.

 

Any senior citizens can invest in PM Vaya Vandana Yojana, they can do so only till March 31, 2023. PM Vaya Vandana Yojana is a pension scheme for senior citizens of 60 years and above. Senior citizens investing in this get guaranteed monthly pensions. Any senior citizen can get a minimum of one thousand rupees and a maximum pension of ₹ 9250 every month by investing in this scheme.

 

How much pension you will get depends on your investment. In this, the option of monthly, quarterly, half-yearly, and annually is also given to get the pension. You can choose this option as per your wish. The Indian government has not issued any notification to take this scheme forward. In such a situation, you can invest in it only till March.On 

the other hand, if you invest in mutual funds and have not yet completed the process of nomination in mutual funds, then complete this work as soon as possible. All mutual fund houses have set a deadline of March 31 for the nomination process. If you do not do this by March 31, then your mutual fund account will be frozen. 

If you want to get tax exemption even on a LIC policy with a high premium, then only the policy purchased till March 31, 2023, can be exempted. People will not get the benefit of this exemption from April 1. Apart from this, if the new deposit scheme Amrit Kalash of State Bank of India or SBI is going to end this month. 

Under this, 7.6% interest is being given to senior citizens and 7.1% to others. Investment has to be made in Fixed Deposit Scheme for 400 days, so if you want to invest in it then do it by the end of this month. 

So don't be late now, finish all your important work before the end of March so that you don't face any kind of burden or penalty.

 

Why has been less purchase of low-cost goods in India?

 

Even though the people of the low-income group in India have not got the required amount in their pockets after the covid-19. Even though the sales of small cars and two-wheelers are on the decline, at the same time the sales of luxury products are continuously setting new records. 

According to statistics, the sale of luxury cars has increased by 50% to 37,000 units in a year. Out of this, the cost of 10,000 cars was more than 1 crore. Mercedes Benz sold a maximum of 6500 cars. 41,000 expensive smartphone sales increased by 55% in 2022 as compared to 2021. 

Sales of Lifestyle Swiss Watches increased from ₹863 crores in 2020 to ₹1640 crore in 2022. Sales of Ultra HD TVs larger than 55 inches increased by 95% over 2021. Organizations working on savings and expenditures have shared a shocking reality.

 

According to him, the effect of covid-19 and the lockdown has not affected the high-income group. That's why as soon as the restrictions were removed and the situation became normal, the market started buying luxury products. The same lower 20% section also could not recover from the shock of the pandemic and it may take one more year to recover from the hobby of buying essential items.

 

But at the same time, it is expected that the fast pace of sales of luxury products may not be sustained. Apart from this, the sale of cheap mobile phones, which were the first choice of the low-income group, also decreased. At the same time, the sale of two-wheelers is also behind the pre-covid level despite the passage of Corona. 

The effect of decreasing purchasing power of the lower income group is seen in the sale of many products. The growth in sales of essential items like toothpaste, hair oil, and soaps was either marginal or declined. FMCG products such as toothpaste, noodles, and hair oil saw a decline of 0.2 % in sales in smaller towns in the October-December quarter. 

In big cities, these sales have increased by 4%. The rural and town market declined by 0.8% in six months. 13,18,000 two-wheelers sold in January 2023 as against 13,40,000 in January 2020. That is, the sales of two-wheelers did not increase in three years. At the same time, there has been a decrease of 15%  in the sale of smartphones priced below 25,000.

 

Not only this, the demand for luxury homes has suddenly increased in the housing market as well. In such a situation, if it will take one year to get the purchasing power of the low-income group back on track, then it is a matter of concern for the policymakers.

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