As India rings in New Year with ‘muted’ celebrations as a result of coronavirus pandemic, many guidelines that have an effect on our day life are additionally altering. From cheque fee to GST submitting, there are new guidelines that come into impact from January 1. Let’s have a look what modifications from as we speak:
Contactless card transaction restrict
The Reserve Bank of India has elevated the bounds from Rs 2,000 to Rs 5,000 for contactless card transactions. The identical has been accomplished for e-mandates for recurring transactions by way of playing cards and the UPI. The transfer is geared toward giving a lift to the adoption of digital funds within the nation.
Change in GST rule
Businesses with as much as turnover as much as Rs 5 crore will now should file solely 4 GST gross sales returns from January 12. Earlier, small companies needed to file 12 returns. The Quarterly Filing of return with Monthly Payment (QRMP) Scheme will impression virtually 94 lakh taxpayers, about 92 per cent of the entire tax base of the GST. With this, small taxpayers might want to file solely eight returns (4 GSTR-3B and 4 GSTR-1 returns) in a 12 months.
Landline to cell phone calls
If you’re making calls from landlines to cell phones anyplace within the nation, you’ll have to add ‘0’ prefix. The telecom division has already requested telcos to make obligatory modifications from January 1 to implement the brand new system.
Cheque funds rule
The Reserve Bank of India (RBI) has launched the ‘positive pay system’ for cheque. Under the brand new rule re-confirmation of key particulars will probably be wanted for funds past Rs 50,000. Notably, availing this facility is on the discretion of the account holder. Banks, nevertheless, can contemplate making it necessary in case of cheques for Rs 5 lakh and above.
Users is likely to be required to pay extra prices on transactions. According to studies, the National Payments Corporation of India (NPCI) has determined to impose extra cost on UPI Payment Service run by third get together app suppliers from January 1. It has imposed a 30 per cent cap on third get together apps.
Car costs to rise
Buying a brand new automobile will probably be costlier within the New Year. Car producers together with Maruti Suzuki India and Mahindra & Mahindra have introduced to hike costs of their merchandise.
The Union Ministry of Road Transport and Highways has made FASTag necessary for all four-wheel autos from January 1. According to the notification issued by the ministry, FASTag will probably be necessary for M and N class four-wheelers offered earlier than December 1, 2017.