BackRules for Aadhaar-PF linking, LPG price hike, GST to change from Sept. Read here
The new rules that come into effect from September will affect everything from provident funds to bank accounts and even domestic budget
PremiumSeptember is going to bring a lot of new rules with it, affecting people from all walks of life. These will include Aadhaar linking, provident fund, LPG prices, filing returns under Goods and Services Tax (GST) and more. These new rules will affect a wide range of things, from bank accounts to domestic budget. Here are some of the important rule changes that you need to keep in mind from next month.
Aadhaar-PF linking becomes mandatory
From September, employers will be able to credit their contribution to your provident fund (PF) account only if you have you Aadhaar linked to your universal account number (UAN). Employees' Provident Fund Organisation (EPFO) has amended Section 142 of Code of Social Security, 2020, making this linking mandatory for availing of services, seeking benefits, receiving payments etc.
PF accountholders will be able to avail of the full range of benefits only if they have linked their Aadhaar to their UAN. Without completing this linking process, neither employee nor employer contribution could be deposited in PF accounts.
LPG price hike
Cooking gas prices have been raised for two months in a row. LPG prices were hiked by ₹25 per cylinder in August. In July, LPG cylinder rates went up by ₹25.50. This trend is expected to continue in September.
LPG prices have been hiked by ₹165 per cylinder since January this year.
Restriction on GSTR-1 filing for defaulters
Goods and Service Tax Network (GSTN) recently informed that Rule-59(6) of Central GST Rules will come into effect from September 1, 2021, restricting taxpayers who have not filed GSTR-3B returns from filing their GSTR-1 returns.
Businesses have to file GSTR-3B for a particular month in a staggered manner from 20th to 24th day of the succeeding month. Meanwhile they have to file GSTR-1 of a particular month by the 11th day of the subsequent month.
GSTN has urged taxpayers who have not filed their GSTR-3B returns to complete this process post haste.
Aadhaar-PAN linking for SBI customers
State Bank of India (SBI) has asked all its accountholders to link their Permanent Account Number (PAN) with their Aadhaar by September 30, 2021. Failure to comply will render their identification card invalid, preventing SBI customers from undertaking certain transactions.
PAN is mandatory for depositing ₹50,000 or more in a day. Customers who conduct high-value transactions will need to link their PAN and Aadhaar on the Income Tax Department website at the earliest.
Axis Bank adopts new cheque clearance system
The Reserve Bank of India (RBI) has notified a new Positive Pay System for clearing cheques in 2020 to verify issuer's details for preventing bank fraud. The system came into effect on January 1, 2021.
While many banks have adopted the system, Axis Bank will implement it from September 1, 2021. The private sector lender has already started informing its customers about the rule change via SMS.
Th Positive Pay System for cheque clearance requires the customers who are issuing high-value cheques to inform their respective banks before issuing the cheque. This is meant to prevent cheque frauds.
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