Significant financial and administrative changes have come into effect in India starting February 1, 2026. Union Finance Minister Nirmala Sitharaman also presented the Union Budget for 2026-27 on this day. These updates directly impact the monthly budget of the common man, ranging from taxes on specific products to daily operational rules for vehicle owners.
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Which Items Are Getting Expensive?
The government has increased taxes on tobacco products significantly starting this month. This move has led to a hike in the prices of cigarettes, gutkha, and other related items. The increase in excise duty and cess aims to discourage consumption but will immediately increase the cost for regular buyers.
Apart from this, oil marketing companies review the prices of LPG, CNG, and PNG on the first day of every month. While specific rates for domestic and commercial cylinders are always subject to revision on this date, any fluctuation in CNG or aviation turbine fuel rates generally impacts transportation and household expenses.
Relief in FASTag Rules and Budget Updates
The National Highways Authority of India (NHAI) has provided a major relief regarding FASTag usage. Starting February 1, the process for KYC verification has been simplified. Users do not need to perform additional KYC steps once the FASTag is active. The responsibility now lies with the issuing banks to complete all vehicle-related checks beforehand.
The presentation of the 2026-27 budget also brought several discussions regarding the middle class and farmers. There were strong demands for increasing the standard deduction limit in income tax from Rs 75,000 to Rs 1 lakh. Additionally, the real estate sector anticipated an increase in the interest deduction limit on home loans to support housing demands.
