Several new rules in relation to policy, banking and finance will be effective in the country from tomorrow, i.e, September 1, 2021. Implementation of new rules will facilitate the day-to-day functioning of various sectors in the country. Also, these updated rules will have a major impact on the lives of the common man or citizens of the country. Hence, it becomes important to know about these changes in detail.
Since these new rules are set to impact the day-to-day lives of a common man and hence it is important to know more about these changes in detail.
Here are the details about new rules to come into effect from September 1.
Aadhaar-PF linking
From September 1 i.e. today onwards, If employees (Universal Account Number) UAN and Aadhaar is not linked then the employers can not credit money in your PF (provident fund) account. EPFO has amended their section 142 of the Code of Social Security, 2020 which has further made Aadhaar-PF linking mandatory for availing services like receiving payments and seeking benefits and others.
Mandatory PAN-Aadhaar linking
The State Bank of India (SBI) had earlier directed that linking the PAN card and the Aadhaar card was mandatory and had to be done within September 30. According to bank officials familiar with the development, there might be transaction-related issues in case an individual does not follow through with the directions. According to the erstwhile guidelines, the bank account had to be linked with PAN in the case of depositing over ₹50,000 to the account.
New GST rules
The Goods and Services Tax Network (GSTN) recently announced in its advisory that Rule-59(6) of Central GST Rules which provides for restriction on the filing of GSTR-1 will come into effect from September 1, 2021. According to the new rule, “a registered person will not be allowed to furnish the details of outward supplies of goods or services or both in Form GSTR-1 if he or she has not furnished the return in Form GSTR-3B for the preceding two months.”
Provident Fund (PF)
According to the updated rule, PF subscribers must link their Aadhaar card with their PF account till September 1, 2021, failing which they will not be able to avail EPF benefits.
Moreover, if a PF account is not linked to Aadhaar and UAN is not Aadhaar verified, then the ECR-Electronic Challan cum Return will not be filed for the said PF account. This means they will not be able to get the employer’s share of the contribution to their provident fund.
LPG Price Changes
From September, the prices of LPG cylinders will rise. In latest developments, it is reported that the petroleum companies have hiked LPG cylinder prices once again by Rs25; taking the price of a non-subsidised 14.2-kg cylinder in Delhi to Rs 884.50. LPG cylinders have witnessed surge in it’s prices from past 2 months. The new rates are effective from today. The price of a 19-kg commercial cylinder has also increased by ?75, which will now cost Rs 1,693 in Delhi.
Positive Pay System
RBI’s Positive Pay System though had come into effect from January 1 and several banks have already adopted the new system, Axis Bank will implement the same from September 1 onwards.
Bumper to bumper insurance for cars
Following the Madras High Court, it will be mandatory for 5 years to have bumper to bumper insurance on purchase of new car. This might push the prices of cars higher.
Bharat series (BH-series)
The transport ministry has introduced a new registration mark for new vehicles i.e. “Bharat series (BH-series)”.Avehicle bearing this registration mark shall not require assignment of a new registration mark when the owner of the vehicle shifts from one State to another.
