New Year 2022: Some changes in the GST, which will be implemented from January 1, 2022, as soon as the new year starts, are going to affect the budget of the common man a lot. Withdrawing cash from ATMs will be costly under the new GST rates.
News agency PTI had reported that the GST Council in its last meeting in September had decided that textiles and footwear would fall at the rate of 12 per cent instead of the 5 per cent slab. While the rate change for garments has been deferred at the request of states, footwear will now be charged at the rate of 12 per cent.
Here are some other things that will become costlier this year with effect from today.
ATM withdrawal expensive
Transactions at ATMs will be costly as the charges on cash withdrawals beyond the free limit will be higher. RBI has approved that banks can from now onwards charge Rs 21 instead of Rs 20 on each ATM transaction.
Customers can do only five free ATM transactions per month. In metro cities, only three free transactions can be done every month from ATMs of other banks.
cars get more expensive
Buying a car will now become more expensive as many auto companies are going to increase the prices of different car models. Maruti Suzuki, Volkswagen and Volvo cars have become expensive with effect from January 1, 2022. While Tata Motors has increased the prices of its commercial cars by 2.5 percent, Toyota and Honda are going to join the list soon.
5% GST on online auto rickshaw booking
From this day on, booking auto rickshaws using app-based cab service provider platforms like Ola or Uber will become costly and burn a hole in the pockets of customers. However, offline relaxation will still continue.
expensive shoes and slippers
Any type of footwear will now attract a duty of 12 per cent instead of 5 per cent. The GST Council had earlier decided to increase the rate slab for textiles as well, but this was later dropped amid objections from other party members. The decision was taken by the GST Council headed by Union Finance Minister Nirmala Sitharaman.
Changes in GST Return Rules
As per the new rules, GST officers can now take action against those who file false returns without prior intimation. Apart from this, Aadhaar authentication will also be required to claim GST refund. If traders do not file GSTR-3B, they will not be able to file GSTR-1 for the next month.
Change in rules related to bank locker
According to the new rules that came into effect from today, banks will be responsible for any loss, fraud or theft of goods kept in the bank locker. In such a situation, the bank will have to pay 100 times the locker rent annually to the customer. However, according to RBI, these rules do not apply if the locker is damaged due to natural calamities.
India Post Payments Bank charges hiked
With effect from January 1, 2022, India Post Payments Bank (IPPB) account holders will have to pay a fee for withdrawals and deposits above a certain limit. Cash withdrawal from basic savings accounts will be free 4 times every month. Thereafter, 0.50 per cent charge will be levied on each withdrawal, subject to a minimum of Rs 25.
Changes in the rules for payment by debit and credit cards
RBI has implemented new rules for payment through credit and debit cards, as customers will have to fill in all the details every time they make an online payment. No website, online shopping or mobile app card will save any details of the customers. The aim of this rule is to make online payments more secure.
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