India will implement several major regulatory and financial changes from January 1, 2025, affecting all sectors of society. Among the key updates are mandatory multi-factor authentication (MFA) for GST compliance, changes in rescheduling of US visa appointments, adjustments in LPG prices and simplified EPFO pension withdrawals.
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Additionally, the introduction of higher transaction limits in UPI 123Pay and new rules for the agriculture loan industry will also have a profound impact. As these updates usher in the New Year, businesses and individuals alike need to prepare for these financial, regulatory and service changes.
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India will implement a number of major changes from January 1, 2025, affecting all aspects of life, finance and regulations. Here’s an overview of the most important updates:
Main changes
1. GST Compliance Update
Mandatory Multi-Factor Authentication (MFA): To enhance security, MFA will now be mandatory for all taxpayers to access the GST portal. This will include updating OTP’s mobile numbers and providing system training to staff.
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E-Way Bill Limitations: E-Way Bill is only allowed for documents no older than 180 days, thus requiring better coordination between invoicing and logistics.
2. Visa requirements
U.S. Visa Appointment Rescheduling: Effective January 1, 2025, non-immigrant visa applicants in India can reschedule an appointment free of charge and without any additional fees. Further rescheduling will require a new application and fee.
H-1B Visa Process Reform: Effective January 17, 2025, new regulations modernize the H-1B visa process to make it more flexible for employers and smoother for Indian F-1 visa holders.
3. Liquefied petroleum gas price adjustment
Liquefied petroleum gas cylinder prices will be adjusted on January 1, 2025. Although no specific changes were indicated, domestic and commercial LPG prices are likely to change.
4. Simplification of EPFO pension withdrawals
From January 1, Employees’ Provident Fund Organization (EPFO) pensioners can withdraw their pension from any bank without additional verification, making it easier for them to access their pension.
5. UPI 123Pay transaction limit increased
The transaction limit of UPI 123Pay will be increased from Rs 5,000 to Rs 10,000, so feature phone users will have more flexibility in transactions.
6. Changes in stock market expiry rules
Effective January 1, 2025, the expiry date of Sensex and other indices will shift from Friday to Tuesday. This change affects weekly and monthly contracts.
7. Farmer Loan Rules
The Reserve Bank of India has introduced new rules whereby farmers can now avail unsecured loans of up to Rs 2 lakh.
These changes will require individuals and businesses to prepare and adjust as they grapple with new regulations and financial impacts in the new year.
Source: https://dinhtienhoang.edu.vn
Category: Optical Illusion