From 1 January 2021, many jurisdictions are going to change, which includes the implementation of a Positive Pay system to control cheque frauds, mandatory FASTags for all four-wheelers across India, and a new mode of Goods and Services Tax (GST) return filing equipment for small businesses. So, before the new rules roll out, it is necessary to know them in advance.
1) FASTag mandatory for every four-wheeler
The Union Ministry of Road Transport and Highways has announced a notification making a FASTag mandatory for all four-wheel vehicles from January 1, 2021. FASTag will be necessary for four-wheelers or M&N category of vehicles that were altered before 1 December 2017. For this, the Central Motor Vehicles Rules, 1989 were changed.
2) 'Positive Pay' policy for cheques
The Reserve Bank of India (RBI) has decided to begin the 'positive pay system' for cheques from 1 January 2021. Under the current rule re-confirmation of key details may be required for payments beyond ₹50,000. The theory of Positive Pay involves a process of reconfirming key features of large value cheques. The issuer of the cheque has to present knowledge, such as the cheque number, cheque date, payee name, account number, amount, and additional details.
3) Contactless card transaction limit extended
The Reserve Bank of India (RBI) has improved limits for contactless card fees from ₹2,000 to ₹5,000. This will be active from 1 January 2021 and will be the responsibility of the user.
4) Quarterly Goods and Services Tax (GST) return filing department
About 9.4 million tiny businesses are set to come under a simpler, quarterly Goods and Services Tax (GST) return filing equipment being rolled out from 1 January. These firms with deals up to ₹5 crores, will need to file only four returns dispensing summary of all transactions in the quarter in the new government instead of 12 now filed--one each month, said a finance ministry official.
5) You will have to dial '0' before proceeding landline to mobile calls
The department of telecommunications (DoT) has made it compulsory to prefix 0 for all calls made from fixed lines to mobiles, valid 15 January, allowing the sector regulator’s suggestion. The telecom department has been investigating telcos to make necessary arrangements by January 1 to implement the new policy.
6) WhatsApp to stop working on select phones
WhatsApp is working to withdraw support from some platforms from January 1. WhatsApp page states that it provides support for and recommends using these devices: Android running OS 4.0.3 and newer; iPhone operating iOS 9 and newer; and Select telephones running KaiOS 2.5.1 newer, including JioPhone and JioPhone 2.
7) Car prices increase
Automakers are providing to enter 2021 with a revised price list. India’s biggest carmaker Maruti Suzuki will boost the prices of its models starting next month. This price increase will vary for various models. MG Motor has declared that it will be increasing the prices of its offerings in India. The company has maintained that it will be increasing the cost by up to three percent to counter the influence of higher input costs. Renault India is the most excellent automobile manufacturer which has announced that it will be raising the prices of all its cars in India. The company affirmed that car prices will be increased by up to ₹28,000 from January.
8) Two-wheeler rate hike
Two-wheeler company Hero MotoCorp also declared that it will increase the prices of its vehicles by up to ₹1,500 from January 1, 2021, to balance the impact of rising input costs.