Express news service
NEW DELHI: Most bankers should have received a notice from their bank about tokenization, stating that from January, when you make the first payment to a merchant, you will need to give them your consent with an additional authentication factor (AFA). Once done, you will complete the payment by entering your card’s CVV and OTP.
While two days ago the Reserve Bank of India postponed the implementation of the tokenization for six months until June 2022, there are many new rules, including higher fees for ATM transactions. , a new EPF rule and others which will come into force from January 1st and which will have an impact on your personal finances.
New ATM withdrawal fees
Be prepared to shell out more money on ATM transactions if you go over the limit for free ATM transactions from January 1, 2022. This rule comes after the RBI ordinance which allowed banks to increase fees for ATM transactions in cash and not in cash beyond the authorized free monthly. limit. This will go up to Rs 21 per transaction. So you can make five transactions from your own ATM machine and three free transactions from another ATM machine. This decision will certainly hurt those who deal in cash and need to withdraw money frequently.
If you have an account at India Post Payments Bank (IPPB), then you will have to pay a fee for depositing cash into your accounts from next year, if they exceed the prescribed limit. In savings accounts (other than Basic SA) and current accounts, cash deposits will be free up to 10,000 `per month and thereafter a charge of 0.50% of the value subject to a minimum of 25 `per transaction will be charged.
New EPF rule
Holders of an Employee Provident Fund (EPF) account must add a candidate before December 31. If this is not done, employees will lose several benefits from January 1. For example, only appointed members can withdraw savings from EPF in the event of sudden death of subscribers. Subscribers can nominate more than one candidate and also set the share percentage among all these candidates. This can be done online, but for this EPF subscribers must have an active Universal Account Number (UAN) and Aadhaar details must have been added to their EPF account.
New GST Rules
Many goods and services will become expensive in the new year as GST rates increase. In order to mitigate the reverse tariff structure, many products such as textiles, shoes would attract 12% GST compared to 5% currently.
Food delivery by Swiggy, Zomato will also become more expensive from January 1, as users will have to pay 5% GST on delivery from these apps. Previously, no GST was levied on food delivery apps, but now those apps will have to collect and file GST with the government, instead of what is currently done by restaurants.
In addition, GST will be levied on services provided by the club or association to its members retrospectively from July 1, 2017. For companies, they will now have to be extra careful in completing the GST return. From January 1, GST officers can directly initiate collection action against stray businesses that show higher sales in the GSTR-1 monthly return but under-report them when paying tax in GSTR-3B .
This means that GSTR -3B and GSTR-1 must match and no difference should be allowed in the same, regardless of the reasons. The central government says this will prevent underreported GST returns. Also from January 1, Aadhaar authentication of registration will be required to be eligible for filing a refund claim and revocation request for revocation of registration by GST assessments.
New GST rules as of January 1
Many products such as textiles and shoes would now attract 12% GST compared to 5%
Food delivery by Swiggy, Zomato will also become more expensive from January 1 as users will have to pay 5% GST on delivery from these apps.
GST agents can directly initiate collection action against stray businesses that show higher sales in the GSTR-1 monthly return but under-report them when paying tax in GSTR-3B
Aadhaar authentication of registration will be required to be eligible for filing a refund claim and revocation request revocation of registration by GST assessments.