There are quite a few important changes taking place this month. From Income Tax rule changes to hiked LPG prices, these changes will impact your day-to-day lives as well as influence the overall economy. With that said, here are the top five changes that you should prepare for going into the month of September.
Hiked LPG Rates
The price of Domestic cooking gas was hiked again on September 1. The new rates have shown an increase of Rs 25 from the previous price point. Non-subsidised Domestic 14.2 kg LPG cylinders are now Rs 884.50 in the national capital, Delhi. State-run Oil companies review the prices of LPG cylinders twice a month. Once on the 1st and again on the 15th of every month.
The revised price of 14.2 kg LPG cylinders across 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 would hike the prices of its vehicles from September. The price hike was estimated to be around 3 to 4 per cent this month according to a report by Indian Express. Maruti Suzuki had previously hiked its prices by 1.4 per cent in January and another 1.6 per cent in April of this year.
Aadhaar-PF linking is Mandatory
Effective from September 1, employers will only be able to deposit money into your provident fund (PF) account if your universal account number (UAN) is linked to the 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 the linking having been done, neither you nor your employer will be able to put in contributions towards the PF.
The Employees’ Provident Fund Organization (EPFO) has amended Section 142 of the Code of Social Security 2020. This will also significantly impact the pensions fund. Citizens were given till August 31, 2021 complete the linking.
GSTR-1 Filing Rule Change
In an advisory issued by the Goods and Service Tax Network (GSTN), it was announced that from September 1, there would be a rule change to the filing of one’s GSTR-1 Form. The entity said that Rule-59(6) of Central GST Rules which provides for restriction in the filing of GSTR-1, would come into effect from the beginning of this month. As per the new rule change, citizens who have not filed the returns in Form GSTR-3B for the preceding tax period would not be allowed to file for their GSTR-1 form. This restriction would also translate to those taxpayers who have not filed for their previous quarter as well.
Positive Pay System
The Reserve Bank of India (RBI) had previously rolled out the Positive Pay System for clearing and authenticating cheques in 2020. This was done to verify the issuer’s details and preventing any fraudulent cheque-based activity. Though the system had come into effect on January 1, 2021, there were still some banks that had not implemented the system. One such major bank was Axis Bank.
Having said that, Axis Bank is one of the latest lenders to take up the system which will be effective from September 1, 2021. The private sector lender had already begun the process of informing its customers about the changes via SMS.
This rule applies especially to issuers who are looking to issue high-value cheques, i.e., above Rs 50,000 or Rs 5 lakh and above. This new rule change requires customers to inform the bank before issuing these kinds of cheques.
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