Rules changing from January 2021: LPG cylinder prices, GST to mobile phones, all you need to know about new things that will impact your day-to-day life
As we bid adieu to 2020 and ring in the New Year 2021, there are several rules that impact common man in day-to-day life will change from January 1
As we bid adieu to 2020 and ring in the New Year 2021, there are several rules that impact common man in day-to-day life will change from January 1. From new cheque payment system to LPG cylinder prices to GST rules, all are set to change as we wlcome the new year. The change in rules will also affect pockets of people and their daily lives. These rules will also affect their monthly budget. It is only wise to know the changes we will see with the onset of the new year. Lets look at some of these changes that we will see from January 1.
LPG Cylinder Prices
This category impact the majority of the masses. Oil marketing companies revise the prices of LPG on the first day of every month depending on the crude rates in the international markets.
Quarterly GST filling
Now, businesses with up to Rs 5 crore turnover will have to file only four GST sales returns or GSTR-3B against 12 at present. This new rule will also come into effect from January 1. The Quarterly filing of Return with Monthly Payment (QRMP) Scheme would impact almost 94 lakh taxpayers, about 92 per cent of the total tax base of the goods and services tax (GST).
New Cheque payments rule
The Reserve Bank of India has instructed the banks to introduce new rules for cheque payment from January 1. The move is aimed at checking banking frauds. This new system is called ''positive pay system'' for cheque, under which cheque issuing party will have to re-confirmation certain of key details for payments beyond Rs 50,000. Though availing this facility is at the discretion of the account holder, banks may consider making it mandatory for cheques of Rs 5 lakh and above.
WhatsApp to stop working on select phones
WhatsApp will withdraw support from certain platforms from January 1. Mentioning about supported operating systems, Popular messaging platform page mentions that it provides support for and recommend using these devices: Android running OS 4.0.3 and newer; iPhone running iOS 9 and newer; and Select phones running KaiOS 2.5.1 newer, including JioPhone and JioPhone 2.
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Landline to Mobile phone calls
You will also witness a change in the way you make your phone calls. Yes! Now callers will soon be required to add '0' prefix for making calls from landlines to mobile phones in the country. Telecom department has asked the telcos to make necessary arrangements by January 1 to implement the new system. This was apparently done to create sufficient numbering space for telecom services.
FASTag mandatory for all four-wheelers
Now, no four-wheeler can drive through the toll plazas without FASTag from January 1. The Union Ministry of Road Transport and Highways has issued a notification making a FASTag mandatory for all four-wheelers from January 1, 2021. FASTag has become mandatory for M and N class four-wheelers sold before December 1, 2017. For this, the Central Motor Vehicles Rules, 1989 were amended. The ministry issued a notification regarding this on November 6.
Hike in contactless card transaction limit
The Reserve Bank of India (RBI) has increased contactless card transaction limit from Rs 2,000 to Rs 5,000 from January 1. The move is aimed at furthering the adoption of digital payments in a safe and secure manner. This will be a major boost to the users of recently launched UPI AutoPay functionality for the customers to execute their high-ticket recurring payments like utility bills, investments, two-wheeler EMIs, consumer durable EMIs etc seamlessly. The RBI had said that contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology.
Car market leader Maruti Suzuki has announced to increase the prices of its entire model range from January 2021. The hike in exact amount is yet to be announced by the company. As per a report from PTI, the move was to offset the rising input costs. Indian multinational vehicle manufacturing corporation Mahindra and Mahindra will also increase prices of its vehicles from January 1. There is no official word on price hike from other car manufacturers.
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