Monday, September 27, 2021

INFORM.INSPIRE.UPSKILL

INFORM.INSPIRE.UPSKILL

Monday, September 27, 2021

THE INDIAN GOVERNMENT INTRODUCED NEW RULES: STARTING FROM PF, PAN-AADHAAR LINKING & LPG TO THE CLEARING & SETTLEMENT SYSTEM.

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These rules will have a significant impact on the lives of the Government’s New Rule

• GST filing guidelines-The Goods and Service Tax Network (GSTN) has issued an advisory stating that Rule-59 (6) of the Federal GST Rules, which limits the filing of GSTR-1, will be enforced on September 1, 2021. A “registered person shall not be permitted to supply information about outward supplies of goods or services or both on Form GSTR-1 if he or she has not submitted the return on Form GSTR-3B for the previous two months,” per the new rule.

• Provident Funds rules-Employers can credit their PF contributions from September 1 onwards, if the employee’s Aadhaar number is connected to their Universal Account Number. The Employees’ Provident Fund Organisation has revised Section 142 of the Code of Social Security, 2020, to make the Aadhaar-PF link essential for a variety of activities, including receiving payments and applying for benefits.

• PAN linking with Aadhaar-SBI had set a deadline for linking Permanent Account Numbers to Aadhaar on September 30. If an individual does not follow the directions, according to bank executives familiar with the situation, there may be transaction-related complications. When depositing more than $50,000 into a bank account, the account has to be connected with a PAN, per the previous guidelines.

• LPG prices-LPG prices- The price of LPG cylinder cooking gas has skyrocketed by Rs 25 per bottle, up from Rs 859.5 previously. In the national capital, a 14.2-kg subsidized and non-subsidized LPG cylinder now costs Rs 884.50.

• Positive pay system-This system was implemented on January 1st of this year.


From September 1, Axis Bank will use the new system. The private sector lender has already informed its account holders about new rules via SMS. Under the new policy for cheque clearance, customers who are submitting high-value checks must now notify their respective banks before doing so. This is to avoid bank fraud in the areas of check issuance and clearance. The common man is going to change from September. These regulations apply to banking, financial, and other industries.


-Inara Farishta
(Junior Editor)

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