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Here The Things Including GST To Change In India From January 1, 2025

  • By Thetripurapost Desk, New Delhi
  • Dec 31, 2024
  • 337

Several important updates are set to come into effect in India from January 1, 2025, covering areas such as taxation, visa processing, LPG pricing, financial transactions and farmer loans. These changes will impact individuals and businesses and they will have to adapt to new rules and regulations across various sectors.

India is going to implement several major regulatory and financial changes from January 1, 2025, which will impact various sectors of society. Major updates include mandatory multi-factor authentication (MFA) for GST compliance, changes in US visa appointment rescheduling, adjustments in LPG prices and simplification of EPFO ​​pension withdrawal.

Additionally, the introduction of higher transaction limits for UPI 123Pay and new regulations for the agricultural loan sector will have a profound impact. With these updates in the new year, businesses and individuals will have to be prepared for these changes in finance, regulation and services.

Many major changes are going to be implemented in India from January 1, 2025, which will affect every aspect of life, finance and regulation.

GST Compliance Updates

Mandatory Multi-Factor Authentication (MFA): To enhance security, all taxpayers will now have to mandatorily adopt MFA to access the GST portal. This will include updating mobile numbers for OTP and providing training to employees on this system.

Limitations of e-way bill: E-way bills will be valid only for documents that are not older than 180 days. Hence, better coordination between invoicing and logistics will be required.

visa requirements

US Visa Appointment Rescheduling: Nonimmigrant visa applicants in India can reschedule their appointments once free of charge without any additional fee starting January 1, 2025. Further rescheduling will require reapplication and fee payment.

Changes in the H-1B visa process: New rules effective January 17, 2025 will modernize the H-1B visa process to make it more flexible for employers and more accessible for Indian F-1 visa holders.

-LPG price adjustment

LPG cylinder prices will be adjusted on January 1, 2025. Although no specific changes have been announced, domestic and commercial LPG prices are likely to change.

EPFO Pension Withdrawal Simplification

Employees' Provident Fund Organisation (EPFO) pensioners will be able to withdraw their pension from any bank without any additional verification from January 1, making it more accessible to them.

-UPI 123Pay transaction limit increased

The transaction limit for UPI 123Pay will be increased from Rs 5,000 to Rs 10,000, making it more convenient for feature phone users to transact.

Stock market closing rules changed

The expiry date of the Sensex and other indices will start shifting from Friday to Tuesday from January 1, 2025. This change impacts weekly and monthly contracts.

-Farmer Loan Rules

The Reserve Bank of India has implemented new rules, under which farmers will now be able to avail loans up to Rs 2 lakh without guarantee.

These changes will require preparation and adjustment by both individuals and businesses as they attempt to adapt to new regulations and financial impacts in the new year.