New Year, New Rules: From Cheque fee to Phone calls – Things that can change from January 1

Image Source : PTI A younger girl with painted arms poses for {a photograph} on the eve of New Year 2021.
As India rings in New Year with ‘muted’ celebrations attributable to 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 similar has been carried out for e-mandates for recurring transactions by means 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 need to 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 affect nearly 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 cellphones wherever 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 can be wanted for funds past Rs 50,000. Notably, availing this facility is on the discretion of the account holder. Banks, nevertheless, can think about making it necessary in case of cheques for Rs 5 lakh and above.

Car costs to rise

Buying a brand new automobile can be costlier within the New Year. Car producers together with Maruti Suzuki India and Mahindra & Mahindra  have introduced to hike costs of their merchandise. 

FASTag necessary 

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 can be necessary for M and N class four-wheelers bought earlier than December 1, 2017. 

READ MORE: World welcomes New Year 2021 with celebrations muted by coronavirus
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