As of January 1, 2021, many rules related to the implementation of the Positive Pay system, check fraud, FASTags for all four wheelers in India and the new mode of service of filing property tax returns and Small Business Services (GST) are set to change.
Here’s a look at the new rules before they are implemented:
1. Mandatory FASTag for all four-wheelers: The Union Ministry of Roads, Transport and Highways has issued a notice that makes FASTag mandatory for all four-wheelers that were sold before December 1, 2017 , after amending the 1989 Central Motor Vehicle Rules.
2. ‘Positive Pay’ system for checks: The Reserve Bank of India (RBI) has decided to introduce the ‘Positive Pay’ system for checks as of January 1, 2021. It may be necessary to redo confirm key details for check payments exceeding Rs 50,000 under the system. The issuer of the check must provide information such as the check number, its date, name of the beneficiary, account number, amount among other details.
3. Increased Contactless Card Transaction Limit: RBI has also improved the limits for contactless card payments from ₹ 2,000 to ₹ 5,000. However, this will be at the discretion of the user.
4. Quarterly Goods and Services Tax (GST) Filing Service: Approximately 9.4 million small businesses will be subject to a simpler GST quarterly filing mechanism. These companies with sales up to ₹ 5 crore will be required to file only four returns showing the summary of all transactions in the quarter under the new regime instead of the 12 that are now filed once a month.
5. Dial zero before making calls from landlines to mobiles: The Department of Telecommunications (DoT) has made the prefix zero mandatory for all calls made from landlines to mobiles, effective January 15.
6. WhatsApp will stop working on select phones: WhatsApp will withdraw support from some platforms as of January 1. The WhatsApp page mentions that it provides support and recommends the use of these devices: Android with OS 4.0.3 and later; iPhone with iOS 9 and later; and select phones running the latest KaiOS 2.5.1, including JioPhone and JioPhone 2.
7. Rising Prices for Cars and Two-wheelers: Automakers are preparing to enter 2021 with a revised price list. India’s largest automaker, Maruti Suzuki, will increase the prices of its models from January, which will vary for different models. MG Motor has announced that it will increase the prices of its offerings in India. Renault India has announced that it will increase the prices of all its cars in India. The company confirmed that car prices will increase by as much as ₹ 28,000 from January. Two-wheeler company Hero MotoCorp also announced that it will increase the prices of its vehicles by up to ₹ 1,500 starting January 1, 2021, to offset the impact of rising costs of supplies.
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