From January 1, 2021, many rules related to the implementation of Positive Pay system, cheque frauds, FASTags for all four-wheelers across India and new mode of Goods and Services Tax (GST) return filing facility for small businesses are set to change.
Here’s a look at the new rules before their rollout:
1. FASTag mandatory for all four-wheelers: The Union ministry of road, transport and highways has issued a notification making FASTag mandatory for all four-wheel vehicles that were sold before December 1, 2017, after amending the Central Motor Vehicles Rules, 1989.
2. ‘Positive Pay’ system for cheques: The Reserve Bank of India (RBI) has decided to introduce the ‘Positive Pay’ system for cheques from January 1, 2021. Re-confirmation of key details may be needed for cheque payments beyond ₹50,000 under the system. The issuer of the cheque will have to provide information such as the cheque number, its date, payee name, account number, amount among other details.
3. Contactless card transaction limit increased: RBI has also enhanced limits for contactless card payments from ₹2,000 to ₹5,000. However, this will be at the discretion of the user.
{{/usCountry}}3. Contactless card transaction limit increased: RBI has also enhanced limits for contactless card payments from ₹2,000 to ₹5,000. However, this will be at the discretion of the user.
{{/usCountry}}4. Quarterly Goods and Services Tax (GST) return filing facility: About 9.4 million small businesses are set to come under a simpler, quarterly Goods and Services Tax (GST) return filing facility. These firms with sales up to ₹5 crore will need to file only four returns showing the summary of all transactions in the quarter in the new regime instead of 12 that are now filed once every month.
5. Dial zero before making landline to mobile calls: The department of telecommunications (DoT) has made it mandatory to prefix zero for all calls made from fixed lines to mobiles, effective January 15.
6. WhatsApp to stop working on select phones: WhatsApp is going to withdraw support from some platforms from January 1. The WhatsApp page mentions that it provides support for and recommends 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.
7. Hike in car, two-wheeler prices: Automakers are preparing to enter 2021 with a revised price list. India’s biggest carmaker Maruti Suzuki will increase the prices of its models from January which will vary for different models. MG Motor has announced that it will be increasing the prices of its offerings in India. Renault India has announced that it will be increasing the prices of all its cars in India. The company confirmed that car prices will be increased by up to ₹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 from January 1, 2021, to offset the impact of rising input costs.