Several regulatory and financial changes will come into effect from January 1, 2025, which will impact citizens across the country. From changes in Employees’ Provident Fund Organization (EPFO) processes to adjustments in LPG pricing and UPI, the new year could have a significant impact on your wallet. Let us tell you about it.
Also read: Global Family Day 2025: Global family will be formed only with the spirit of world brotherhood.
Major changes in GST rules:
The new GST rules will come into effect from January 1, 2025, and they will impact businesses across India. Multi-factor authentication (MFA) will be made mandatory for taxpayers for better security on the GST portal. Additionally, e-Way Bills (EWBs) can be generated only for Aadhaar documents older than 180 days.
UPI
National Payments Corporation of India (NPCI) has increased the limit of UPI 123Pay in the new year. Till now you could do transactions up to Rs 5,000 using this payment service. But from now on this limit has been increased to Rs 10,000.
Big relief on EPFO:
EPFO pension holders will get big relief in the new year. According to the new rules, pension holders can now withdraw their pension from any bank in the country without any additional verification. Reports suggest that EPFO ​​will soon issue an ATM card that will enable customers to withdraw money round the clock.
New rules of RBI
The Reserve Bank of India has amended the rules governing home finance and fixed deposits for non-banking financial institutions. The new rules for accepting public deposits, making nominations and repaying public deposits come under RBI norms. The updated guidelines will come into effect from January 1, 2025.
Read this also: The country gave a grand welcome to the year 2025, now crowds of devotees are flocking to the temples to seek blessings.
Changes in income tax rules
Most of the income tax changes announced in Budget 2024 are effective from the current financial year 2024-25. These changes will also affect the tax deductions and exemptions that can be claimed while filing income tax returns (ITR) in July 2025.
