Five Key Things That Change From Wednesday, January 1, 2025: GST, US Visa Rules... - List

While the nation is ready to welcome the new year with enthusiasm and aspirations, we must take financial literacy and updates as a key element to move further in our financial journey. Let us take an important step in moving businesses and the overall economy with essential decisions ready to impact our day-to-day life from 1st January onwards.

Key Things To Change From Wednesday, January 1, 2025

GST Compliance

Multi-factor authentication (MFA) for using the updated versions of the E-Way Bill and E-Invoice Systems for all assesses will be made mandatory for all taxpayers from April 1 next year, an advisory on the GST portal has said. Also, there will be new provisions for restricting the generation of E-Way Bill.

“Starting January 1, 2025, MFA will become mandatory for taxpayers with AATO (Aggregate Annual Turnover) exceeding Rs 20 crore, from February 1, 2025 for those with AATO exceeding Rs 5 crore, and from April 1, 2025, for all other taxpayers and users,” the advisory said. 

E-Way Bills Extension

The government has added a more stringent regulation for E-Way Bills, which restricts their creation to papers that are no more than 180 days old, to the list of changes.

According to the GSTN advisory, the generation of E-Way Bills will be restricted to documents dated within 180 days from the date of generation. “For instance, documents dated earlier than July 5, 2024, will not be eligible for e-waybill generation starting January 1, 2025.”

Automobile Sector To Surge Prices

All major automobile brands will see price increases on January 1st. Citing inflation and growing input costs, Mahindra & Mahindra has imposed a 3 percent 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 Rs 25,000. Tata Motors has announced a 3per cent rise across its passenger vehicle portfolio, including electric cars, while Maruti Suzuki , the nation's largest automaker, plans a rise of up to 4per cent.

The luxury automakers Mercedes-Benz India and BMW India have announced price rises of up to 3 per cent on their whole model ranges, beginning January 1, 2025, in response to growing inflationary pressures, rising material prices, and increased operating expenditures.

 

Visa Processes Eases For Thailand and US

Thailand is getting ready to implement an updated e-visa system that will be accessible to tourists from all countries. This method was previously restricted to particular areas, but the updated system will now enable applicants to finish the whole visa application procedure online. 

In the meanwhile, more accommodating visa appointment regulations are about to be implemented in the US. Applicants for non-immigrant visas are permitted to postpone their appointments once without incurring additional expenses as of the new year. 

Changes to the H-1B visa procedure will also be made in the US beginning January 17, providing companies with more flexibility and facilitating the transfer of Indian professionals on F-1 visas.

New Telecom Rules

Telecom firms are required by the Telecom Regulatory Authority of India (TRAI) to provide recharge plans that are just for voice calls and texts, with no requirement to purchase internet data. These modifications to the Telecom Consumer Protection (12th Amendment) Regulation 2024 were announced by the TRAI.

“...the service provider shall offer at least one Special Tariff Voucher exclusively for voice and SMS with validity period not exceeding three hundred and sixty-five days,” according to TRAI.

RBI Updates On FDs in NBFCs and Taxes

Planning for the upcoming year and managing finances effectively depends on staying informed. There are new rules for updated fixed deposit (FD) rules for non-banking financial organisations (NBFCs), and other tax-related adjustments. 

The rules regulating fixed deposits for home financing and non-banking financial institutions have been changed by the Reserve Bank of India (RBI). The new regulations permit early withdrawals of modest fixed deposits up to Rs 10,000 without incurring interest. 

They are also exempt from interest when they remove up to 50 per cent of larger deposits or Rs 5 lakh, whichever is less. Also, instead of giving depositors two months' warning before FD maturity dates, NBFCs must notify them at least 14 days in advance.

According to Labour Secretary Sumita Dawra, members of the Employees' Provident Fund Organisation ( EPFO ) may soon be permitted to take money out of ATMs directly. Earlier this month, Dawra told ANI that the Ministry of Labour & Employment is updating its IT infrastructure to offer better services to India's workers.

Most of the income tax changes announced in Budget 2024 are effective from the current financial year 2024-25. These changes will also impact the tax deductions and exemptions that can be claimed while filing an income tax return (ITR) in July 2025.

UPI Limit Feature

The RBI has doubled the transaction limit for UPI 123Pay customers, enabling feature phone users to make payments of up to Rs 10,000 without an internet connection, hence expanding the reach of digital payments. Due to the continued prevalence of feature phones, this shift will be particularly advantageous for rural and semi-urban regions. 

The UPI 123Pay limit has been raised from Rs 5,000 to Rs 10,000 by the National Payments Corporation of India (NPCI). For RuPay credit cards, the National Payments Corporation of India (NPCI) has released updated instructions. 

RuPay credit cardholders will be eligible for free airport lounge access starting January 1, 2025, dependent on tiers of expenditure.