PF, PAN, & Cheque Clearing Updates: These 10 Rules Will Get Changed From September
Several rules having a major role in the lives of a common man are going to be changed from September that deals with financial, banking, and other sectors. However, these 10 rules will get changed from September might impact the day-to-day lives of a common man and therefore it is important to know more about these changes.
10 Rules Changing From September Will Impact Common Man
1. New GST Rule
GSTN released an advisory stating that the Rule-59(6) of Central GST Rules that basically provides for restriction in the filing of GSTR-1 will now come into effect from September 1, 2021. The new change in the rule implements that a “registered person shall not allow to furnish the details of outward supplies of goods or services or both in Form GSTR-1 if he or she has not furnished the return in Form GSTR-3B for the preceding two months.”
will now come into effect from September 1, 2021. The new change in the rule implements that a “registered person shall not allow to furnish the details of outward supplies of goods or services or both in Form GSTR-1 if he or she has not furnished the return in Form GSTR-3B for the preceding two months.”
2. New PF Rule
Linking of the Aadhaar card with the PF account till September 1st is mandatory. Failing to do this means that EPF benefits may be curtailed. Also, ECR-Electronic Challan cum Return cannot be filled, if a PF account is not linked to Aadhaar or UAN is not Aadhaar verified.
Also Read: Non-Resident-Indian PAN Card: How To Apply For NRI PAN Card Online?
3. Linking of Aadhaar and Pan
The deadline to link Aadhaar with the PAN is September 30. Earlier the deadline was June 30, 2021, later the government extended the end date by three months.
4. LPG Prices
The LPG price may get changed from September, after witnessing two consecutive months of rising in the price of Liquid Petroleum Gas. The LPG price was increased by Rs. 25 per cylinder on August 18, and by Rs 25.50 in July.
5. Positive Pay System
RBI’s Positive Pay System came into effect on January 1. Several banks have also adopted the new system. From September 1, Axis Bank will also adopt this new system.
6. Bumper to Bumper Insurance For Cars
The Madras High Court has made it mandatory for 5 years to have bumper to bumper insurance on the purchase of a new car. This new rule might increase the prices of cars.
7. Bharat series (BH-series)
The transport ministry has introduced a new registration mark for new vehicles, i.e. “Bharat series (BH-series)”. A vehicle with a registration mark shall not require the assignment of a new registration mark when the vehicle owner shifts from one State to another.
8. PNB savings account
Punjab National Bank has announced to reduce interest rates on saving deposits. The new interest rate will be 2.90 percent per annum on existing as well as new savings account holders.
9. Expensive OTT subscription
Disney + Hotstar subscribers will now be required to pay more for the OTT Subscription. The OTT player has increased the Rs 399 plan to Rs 499.
10. Google Apps
Google is adding new restrictions from September 1, 2021, in its Families Policy Requirements on identifiers used in apps that target children. Now, developers need to comply with Ad ID changes.