Expensive Autos, US Visa Fees and GST Changes From 1st Jan 2025: A number of new laws and regulations that affect consumers, companies, and the economy will take effect on January 1. Here’s a thorough look at what’s changing in the new year, from increased car pricing to more strict compliance with the GST.
Read also: GSTAT to start operations by the end of FY25: Revenue Secy
Key changes in GST compliance
- Mandatory Multi-Factor Authentication (MFA):
All taxpayers using the GST site will have to use Multi-Factor Authentication (MFA), therefore individuals and companies need to make sure their systems are prepared for the transition and that their mobile numbers are updated.
- E-Way Bill restrictions:
The government has added a more strict regulation for E-Way Bills, which restricts their creation to documents that are no more than 180 days old, to the list of changes. Although it is anticipated that the shift will simplify logistics, companies will need to synchronise their supply chain and invoicing processes to prevent any disruptions.
Read also: GST Rate For Old Cars And Eletric Vehicles – 18% GST
Automakers to hike prices
January 1st 2025 will see price increases for all major brands of automobiles. Citing inflation and growing input costs, Mahindra & Mahindra has imposed a 3% hike on its SUVs and commercial vehicles.
Hyundai Motor India will do the same, raising the price of some of its cars by up to ₹25,000.
Tata Motors has confirmed a 3% increase across its passenger vehicle portfolio, including electric vehicles, while Maruti Suzuki, the nation’s largest automaker, plans a raise of up to 4%.
Similar pricing changes have been announced by Kia India and JSW MG Motor to address rising commodity and logistics expenses.
Read also: 18% GST Rates For Popcorn, Sparking Online Debate
Easier visa processes for Thailand and US
Travellers are excited because Thailand is allowing applicants from all nations to use its e-visa system. Beginning on January 1, foreign travellers, including Indians, will find it simpler to obtain their travel documents due to the simplified online application process.
In the meanwhile, the US plans to implement more accommodating visa appointment regulations. Non-immigrant visa applicants can postpone their appointments once for free starting in the new year. Additionally, beginning January 17, the United States will make modifications to the H-1B visa procedure that will provide companies with more flexibility and facilitate the transition for Indian experts on F-1 visas.
New telecom regulations
The government’s modified Right of Way (RoW) regulations have the aim of encouraging the development of infrastructure in the telecom industry. Telecom companies will find it easier to construct and maintain devices like cell towers and underground cables because of to these new rules. Temporary telecom networks for public events will be authorised by the authorities. For some important projects, the regulations also establish a “deemed permission” system, which aims to speed up approvals and avoid paperwork.
Read also: GoM proposes reducing GST rate for all individual health insurance services
Revised RBI rules for fixed deposits in NBFCs
New regulations regarding fixed deposits with Housing Finance Companies (HFCs) and Non-Banking Financial Companies (NBFCs) have been implemented by the Reserve Bank of India (RBI). Depositors may prematurely withdraw minor investments up to ₹10,000 without incurring interest under the updated regulations. Larger withdrawals are not subject to interest and are limited to 50% of the principle or ₹5 lakh, whichever is less. Previously required to provide depositors two months’ notice, NBFCs are now required to give them at least fourteen days’ notice of FD maturities.
Read also: New PAN card to have a QR code, will your current PAN card become inoperative?
UPI limit extended for feature phones
Finally, the RBI doubled the transaction limit for UPI 123Pay customers, enabling feature phone users to make payments of up to ₹10,000 without an internet connection, making digital payments more accessible. Particularly in rural and semi-urban regions, where feature phones are still widely used, this move will be beneficial.
Read also: GST: Apparel industry slams proposed GST hike
Disclaimer:The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Advertising with us-
- Mail us at [email protected]
- Whatsapp us at +91-7024984925
