As of January 1, 2021, many rules will change, including the implementation of the Positive Pay system to curb check fraud, mandatory FASTags for all four-wheelers in India, and a new service mode of presentation of Goods and Services Tax (GST) returns for small businesses. . Therefore, before the new rules are implemented, it is important to know them in advance.
1) Mandatory FASTag for all four-wheelers
The Union Ministry of Road and Highway Transport has issued a notification that makes a FASTag mandatory for all four-wheelers as of January 1, 2021. FASTag will be mandatory for four-wheelers or of the M&N category that were sold before December 1, 2017. For this, the Central Regulation of Motor Vehicles of 1989 was modified.
2) ‘Positive Payment’ system for checks
The Reserve Bank of India (RBI) has decided to introduce the “positive payment system” for checks as of January 1, 2021. Under the new rule, key details may need to be reconfirmed for subsequent payments ₹50,000. The Positive Pay concept involves a process of reconfirming key details of high value checks. The check issuer must provide information such as the check number, the date of the check, the payee’s name, the account number, the amount, and other details.
3) Increased contactless card transaction limit
Reserve Bnk of India (RBI) has improved the limits for contactless card payments from ₹2,000 to ₹5,000. This will be effective as of January 1, 2021 and will be at the discretion of the user.
4) Service for filing quarterly tax returns on goods and services (GST)
Approximately 9.4 million small businesses will undergo a simpler quarterly GST filing system that will be implemented beginning January 1. These companies with sales up to ₹5 crore, you will need to file just four statements showing a summary of all transactions in the quarter under the new regime instead of the 12 now, one each month, a Finance Ministry official said.
5) You will have to dial ‘0’ before making calls from landline to mobile
The Department of Telecommunications (DoT) has made the prefix 0 mandatory for all calls made from landlines to mobiles, as of January 15, accepting the suggestion of the sector regulator. The telecommunications department has been asking telcos to make the necessary arrangements before January 1 to implement the new system.
6) WhatsApp will stop working on selected 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 with the latest KaiOS 2.5.1, including JioPhone and JioPhone 2.
7) Rise in car prices
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 next month. The price increase will vary for different models. MG Motor has announced that it will increase the prices of its offerings in India. The company has stated that it will increase the cost by up to three percent to offset the impact of the higher cost of inputs. Renault India is the latest automaker to announce that it will increase the prices of all its cars in India. The company confirmed that car prices will increase by up to ₹January 28,000.
8) Increase in prices of two-wheelers
Two-wheelers company Hero MotoCorp also announced that it will increase the prices of its vehicles until ₹1500 as of January 1, 2021 to offset the impact of increased input costs.
.
