There have been and will continue to be severalrule changesthis month. These changes come in the form of regulatory policies across banking, financial and even automotive sectors that will affect the day-to-day lives of the average citizen. With that said, here are the 10 most important changes that citizens have to contend with, in the month of September 2021.
1) New GST Rule
The Goods and Service Tax Network (GSTN) had announced that starting from the 1st of September, 2021, there would be a rule change. The body expressed that Rule-59(6) of Central GST Rules which provides for restriction in the filing of GSTR-1, will come into effect from the beginning of the month. According to the new rule change that has come into play, people cannot file theirGSTR-1 Formsif they have not yet filed the GSTR-B for the previous tax period.
2) PF-Aadhaar Linking
From September 1, employers and employees will only be able to make contributions to the employee’sprovident fund(PF) if it is linked with the Aadhaar card. This will be essential if you wanted to access the full range of benefits under PF. The Employees’ Provident Fund Organization (EPFO) had amended Section 142 of the Code of Social Security 2020. This will also significantly impact the pensions fund. Citizens were given till August 31, 2021, to complete the linking.
3) PAN-Aadhaar Linking
The government has issued a deadline of September 30, 2021, as the last date to link your PAN card to your Aadhaar card. Earlier this deadline was June 30, 2021, but was extended. Failing to link the two cards to each other before the given deadline will result in the PAN card being rendered inoperative.
4) Hiked LPG Cylinder Prices
The LPG cooking gas prices were hiked for the month of September. The rates were hiked by Rs 25 from the previous price point. Now, non-subsidised Domestic 14.2 kg LPG cylinders are Rs 884.50 in the national capital, Delhi. State-run Oil companies review the prices of LPG cylinders twice a month. Once on the 1st and again on the 15th of every month. So, expect another potential hike after September 15.
5) Positive Pay System
The positive pay system, which was essentially a verification model that was put in place to prevent bank fraud, was introduced by the RBI in January of 2021. However, some banks were yet to adopt it. Axis Bank announced that it would implement the positive pay system from September 1 onwards.
6) Bumper-to-bumper car insurance
Following the Madras High Court’s ruling, it has now become mandatory for car owners to have 5-year bumper-to-bumper insurance on the purchase of a new car. This would push the retail price of cars higher.
7) Maruti Suzuki Price Hike
Speaking of cars, the leading Indian car-maker had announced that the company would be upping the price of the automobiles in India from September. This hike was expected to be around 3 to 4 per cent as per a report by the Indian Express.
8) Punjab National Bank Savings Account
The Punjab National Bank announced a reduction of its interest rates for savings account deposits from September 1. The revised interest rates of 2.90 per cent per annum would be applicable to both the existing and new savings account holders.
9) Expensive OTT Subscriptions
Disney + Hotstar subscribers will have to pay more for the OTT Subscription going forward in the month of September. The aforementioned platforms had hiked their prices from Rs 399 to Rs 499 per month.
10) Google App Restrictions
The internet giant is announced that it would roll out new restrictions in its Families Policy Requirements on identifiers used in apps that target children. Developers need to adhere to the rule by September 1, 2021. Google has made an exception for Ad ID changes, which developers have till January 15 to comply.