With the whole world eying on them, India is trying to put no stones unturned in order to make it the number one emerging economy and an investment heaven for the world. In order to make that happen, a lot of new rules have been introduced by the Indian government which will be implemented from 1st January 2021. Below is a list of the following new rules.
1.UPI Payments
From 1st Jan 2021, all the users will have to pay an extra charge while making exchanges from Amazon Pay, Google Pay, and Phone Pay. National Payments Corporation of India (NPCI) will force an extra charge on UPI Payment Service (UPI Payment) run by an outsider application starting from January 1. NPCI has applied a 30% cap on outsider applications beginning the new year. Paytm and other third party user apps will likewise have to pay this charge.
2. Google Pay (web app)
Google Pay will now be changing its interface and features and will add a charge for instant direct cash movement from January onwards. Till now, the clients had the option to do transactions and send cash over the application or from pay.google.com but now as per the new notice of Google, the web application webpage will at this point won’t work from January 2021.
3. GST-filing changes
With the new rule coming in, the organizations with a turnover of up to Rs 5 crores will need to record just 4 GST sale returns, or GSTR-3B, rather than 12 ( presently) from January, according to PTI. This change would affect around 94 lakh citizens, which is around 92% of the whole GST charge base. Presently, small businesses/individuals record just eight returns (four GSTR-3B and four GSTR-1 returns) yearly.
4. WhatsApp to stop working on few devices
The well know app WhatsApp will pull out its application’s functionality from a few devices starting this January. WhatsApp has mentioned that OS that offers help for and suggests utilizing these Operating Systems: Android OS 4.0.3 and more up to date new releases; iPhone running iOS 9 and further; and select telephones running KaiOS 2.5.1 or more will keep functioning, rest app will not work in other operating systems. The new update will work in all devices with compatible operating systems including the JioPhone and the new JioPhone 2.
5. Calling to mobiles from Landline devices
A ‘0’ will be needed to be prefixed for dialling on mobiles from landlines in any part of the nation. The telecom ministry has requested telcos providers to make the necessary changes by January 1 to execute the new framework smoothly. This move will make enough numbering space for telecom related services throughout the nation.
6. FASTag for every four-wheeler
The Union Ministry of Road Transport and Highways has made FASTag obligatory for every four-wheel vehicle from January 1, 2021, through a notice. FASTag will be compulsory for M and N class four-wheelers sold before December 1, 2017. The Central Motor Vehicles Rules, 1989 were additionally altered for the above requirement.
7. Check installments
To reduce banking frauds, the Reserve Bank of India chose to present the ”positive pay framework” for check installments. In this framework, there might be a prerequisite of re-affirmation of the vital subtleties for the installments above Rs 50,000. This change of a positive pay framework will be implied from January 1, 2021. The positive pay framework can be availed by the respective and desiring bank account holders. Banks may consider making it mandatory for checks with amount of Rs 5 lakh and higher.
8. Contactless card exchange limit
The transaction limit will now be increased from Rs 2,000 to Rs 5,000 for contactless card exchanges and e-mandates for day to day happening transactions through UPI and cards. The move by RBI is to promote computerized payments or e-payments/digitalized payments. This will guarantee a secure and free movement of funds, particularly during the Covid-19 pandemic. RBI Governor Shaktikanta Das has said that this will rely upon the order and watchfulness of clients.
9. LPG Price Revision Policy
On every 1st day of the month, the oil organizations will revise the costs of LPG based on rough rate estimates in the worldwide crude business sector. This is taken into consideration with the highly volatile crude prices, specially after and during the Covid pandemic.
10. Hike in Vehicle Rates
Mahindra & Mahindra and Maruti Suzuki India will increase their vehicle rates from January 1. This is due to the increased production costs as pointed by these companies.
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