- Mandatory FASTags, Positive Pay system, new mode of GST return filing facility for small businesses from 1 January 2021
- Let us know what is going to change from next month
From 1 January 2021, many rules are going to change, that includes implementation of Positive Pay system to curb cheque frauds, mandatory FASTags for all four-wheelers across India and new mode of Goods and Services Tax (GST) return filing facility for small businesses. So, before the new rules roll out, it is important to know them in advance.
1) FASTag mandatory for all four-wheelers
The Union Ministry of Road Transport and Highways has issued a notification making a FASTag mandatory for all four-wheel vehicles from January 1, 2021. FASTag will be mandatory for four-wheelers or M&N category of vehicles that were sold before 1 December, 2017. For this, the Central Motor Vehicles Rules, 1989 were amended.
2) ‘Positive Pay’ system for cheques
The Reserve Bank of India (RBI) has decided to introduce the ‘positive pay system’ for cheque from 1 January 2021. Under the new rule re-confirmation of key details may be needed for payments beyond ₹50,000. The concept of Positive Pay involves a process of reconfirming key details of large value cheques. The issuer of the cheque has to present information, such as the cheque number, cheque date, payee name, account number, amount, and other details.
3) Contactless card transaction limit increased
The Reserve Bnk of India (RBI) has enhanced limits for contactless card payments from ₹2,000 to ₹5,000. This will be effective from 1 January 2021 and will be at the discretion of the user.
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 being rolled out from 1 January. These firms with sales upto ₹5 crore, will need to file only four returns showing summary of all transactions in the quarter in the new regime instead of 12 now filed–one every month, said a finance ministry official.
Read: FAQs on quarterly filing of GSTR-3B and monthly payment of tax (QRMP Scheme)
5) GST e-invoicing applicable to taxpayers with aggregate turnover over Rs 100 crore
GST e-invoicing was made applicable to taxpayers having aggregate turnover exceeding Rs 500 crore from 1st October,2020. Amendment was made in GST e-invoicing Notification No. 13/2020-Central Tax dated 21-3-2020 vide Notification No. 88/2020- Central Tax dated 10-11-2020 vide which the requirement of GST e-invoicing has been extended to tax payers having aggregate turnover exceeding Rs 100 Crore in any of the last three Financial Years viz FY 2017-18, 2018-19 or 2019-20.
Read: GST E-invoicing: Answers to 10 FAQs you should know
6) You will have to dial ‘0’ before making landline to mobile calls
The department of telecommunications (DoT) has made it mandatory to prefix 0 for all calls made from fixed lines to mobiles, effective 15 January, accepting the sector regulator’s suggestion. The telecom department has been asking telcos to make necessary arrangements by January 1 to implement the new system.
7) WhatsApp to stop working on select phones
WhatsApp is going to withdraw support from some platforms from January 1. WhatsApp page mentions that it provides support for and recommend 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.
8) Car prices hike
Automakers are preparing to enter 2021 with a revised price list. India’s biggest carmaker Maruti Suzuki will increase prices of its models starting next month. The price increase will vary for different models. MG Motor has announced that it will be increasing the prices of its offerings in India. The company has claimed that they will be increasing the cost by up to three per cent in order to counter the impact of higher input cost. Renault India is the latest automobile manufacturer which 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.
9) Two-wheeler price hike
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.
Source: livemint.com
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