Some important changes are happening this month. From changes in income tax rules to hike lpg pricesThese changes will affect your daily life as well as the overall economy. With that said, here are the top five changes that you must make ready to go in the month of September.
hiked lpg rates
The price of domestic LPG was hiked again on September 1. The new rates show an increase of Rs 25 from the previous price point. A non-subsidised domestic 14.2 kg LPG cylinder in the national capital is now priced at Rs 884.50. Government oil companies review LPG cylinder prices twice a month. Once on the 1st and then on the 15th of every month.
Revised price of 14.2 kg LPG cylinder in major metros:
Delhi – Rs 884.50
Kolkata – Rs 911.50
Mumbai – Rs 884.50
Chennai – Rs 900.50
Bangalore – Rs 912.50
maruti suzuki price hike
The leading car-marker had announced that it will increase the prices of its vehicles from September. According to a report in the Indian Express, the price hike is expected to be around 3 to 4 per cent this month. maruti suzuki Earlier, its prices were increased by 1.4 per cent in January and 1.6 per cent in April this year.
Aadhar-PF linking mandatory
Effective September 1, employers will be able to deposit money into your provident fund (PF) account only if your Universal Account Number (UAN) is linked to your Aadhaar card. It should also be noted that without this linking, you will not be able to access the full range of benefits under PF. For example, without linking, neither you nor your employer will be able to contribute to PF.
The Employees’ Provident Fund Organization (EPFO) has amended section 142 of the Social Security Code 2020. This will also have a significant impact on the pension fund. Citizens were given time till 31 August 2021 to complete the linking.
Changes in GSTR-1 Filing Rules
In an advisory issued by the Goods and Service Tax Network (GSTN), it was announced that there will be a change in the rules for filing one’s GSTR-1 form from September 1. The unit said Rule 59(6) of the Central GST Rules, which provides for restrictions in filing GSTR-1, will come into force from the beginning of this month. As per the new rule change, citizens who have not filed return in Form GSTR-3B for the preceding tax period will not be allowed to file their GSTR-1 Form. This restriction will also translate to taxpayers who have not filed for their previous quarter as well.
positive pay system
The Reserve Bank of India (RBI) had earlier introduced the Positive Pay system for clearing and authenticating checks in 2020. This was done to verify the details of the issuer and prevent any fraudulent check-based activity. Although this system came into force on January 1, 2021, there were some banks which did not implement this system. One such major bank was Axis Bank.
Having said that, Axis Bank is one of the latest lenders to adopt this system which will be effective from September 1, 2021. The private sector lender had started the process of informing its customers about the changes through SMS.
This rule is especially applicable to those issuers who wish to issue checks of higher value, i.e. above Rs 50,000 or Rs 5 lakh and above. Changes in this new rule will require customers to notify the bank before issuing such cheques.
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