New Delhi: With the ongoing Covid-19 situation deteriorating in certain states, there are a few changes including mandatory Aadhaar-PAN linking, and expected hike in LPG cooking gas prices, and others impacting our financial lives from September 1. Some of these rules will have a direct bearing on the lives of the common man. It is better to be aware of the changes expected in order to manage our financial lives better.
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Here are changes expected from September 1
PAN-Aadhaar linking
State Bank of India (SBI) customers must link their Permanent Account Number (PAN) with their Aadhaar by September 30. In case of failure to do so, the bank will prevent the customer to undertake certain transactions. The PAN is compulsory to deposit Rs50,000 or more in a single day. You need to link their Aadhaar and PAN on the Income Tax Department website by the stipulated date to conduct higher value transactions.
LPG Cooking Gas Prices
With the price of LPG cooking rising for two consecutive months in a row, it is expected that the gas may once again rise in September. In August 18, LPG price was increased by Rs 25 per cylinder s whereas it was hiked by Rs25.50 in July.
Aadhaar-PF linking
It is another significant change that will impact the PF amount credited in your account. From September onwards, if your UAN (Universal Account Number) and Aadhaar card are not liked then your employer will not be able to credit any money to your provident fund (PF) account. To order to implement it, the Employees' Provident Fund Organization (EPFO) recently revised Section 142 of the Code of Social Security 2020. So make sure that both are seeded in order to enjoy the benefits of your retirement fund.
GSTR-1 Filing Guidelines
The Goods and Service Tax Network (GSTN) have said that starting September, Rule-59(6) of Central GST Rules for the filing of GSTR-1, will be applicable. According to the rule, any registered person who has not filed returns in Form GSTR-3B shall not be allowed to file the GSTR-1 form.
Cheque Clearance
The RBI’s new Positive Pay System was aimed at clearing cheques in order to verify an issuer’s details for stopping any fraudulent acts. The system had come into effect from January 1.
Even as several banks have adopted the new system, Axis Bank will implement the same from September 1 onwards.
Under this new system, customers issuing high-value cheques need to inform their respective banks. This is meant to prevent bank frauds pertaining to issuing and clearance of cheques.