As August is about to end, September brings several of the new changes. There are numerous changes that will take effect from beginning of next month, ranging from Aadhaar to the bank to the pricing of LPG cooking gas. These new rules and implementations will have an impact on your day-to-day life as well as the economy’s environment. Here are the top five changes you should pay attention to in the coming month.
Link Aadhaar to Provident Fund
Employers will only be permitted to deposit money into your provident fund (PF) account if your universal account number (UAN) is connected to your Aadhaar card starting in September. Furthermore, you will only be able to take advantage of the full range of benefits if you complete the linking process. Neither the employer’s nor the employee’s contributions will be deposited into the PF account until these two elements are linked.
Section 142 of the Code of Social Security 2020 has been amended by the Employees’ Provident Fund Organization (EPFO). This will have an effect on a variety of benefits, including contributions to your pension fund. Make sure the linking is finished before September 1, 2021.
Read Also: Income Tax Return: Retirement benefits like PF and Gratuity taxable?
Possible Hike of LPG Rates
On August 18, domestic cooking gas LPG rates were increased by Rs 25 per cylinder. This was the second month in a row that LPG rates were raised. Prices were increased by Rs 25.50 per cylinder in July. Given this pattern, another increase in cooking gas prices in September is possible. The entire hikes since January this year have amounted to a Rs 165 per cylinder increase.
GSTR-1 Filing Rule Change
The Goods and Service Tax Network (GSTN) issued an advisory stating that there would be a rule change from September. Rule 59(6) of the Central GST Rules, which restricts the filing of GSTR-1 will take effect on September 1, 2021. A registered person will not be able to file the GSTR-1 form if they have not filed the returns in Form GSTR-3B for the previous tax period. This restriction would also apply to taxpayers who are preparing their quarterly returns but have not yet submitted the GSTR-3B form.
Read Also: GSTN issued advisory on HSN and GSTR-1 Filing
SEBI Margins Phase 4 will go live on September 1, 2021
The fourth phase of Peak Margins, as outlined by SEBI, will begin on September 1, 2021. From September 1, 2021, brokers must collect a minimum of 100% of funds on the statutory limit in order to offer intraday trading across multiple products.
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Positive Pay System: Cheque Clearing System
The Reserve Bank of India (RBI) announced in 2020 that it would implement a Positive Pay System. This is essentially a system for preventing bank fraud by verifying the issuer’s details. On January 1, 2021, it went into effect. As a result, the RBI has urged banks to use this technique when clearing cheques. Customers who are issuing high-value cheques, those worth more than Rs 50,000 or Rs 5 lakh, must notify their banks before doing so, according to the rule. The check will bounce if this is not done.
Since the rule went into effect, many prominent Indian banks have implemented and rolled out this service. Axis Bank, the most recent addition to the list, will deploy the Positive Pay System on September 1, 2021. Customers have already been receiving text messages from the bank advising them of the change.
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