New Delhi: With just 3 days left for August to come to a close, the month of September is all set to bring a lot of changes in new rules and regulations. Starting from Aadhaar-PAN linking to the price of LPG cooking gas, a number of changes are set to take place from next month. Notably, these changes will impact the day-to-day life of normal individuals. Here is a list of top 5 key rules that will change from September 1.Also Read - These Banks Offer Loans At Cheap Interest Rates, Shopping Discounts Ahead Of Festive Season | Full List Here
Aadhaar-PF Linking: Starting from September 1, the employers will only be able to deposit money into the provident fund (PF) account if the universal account number (UAN) is linked to the Aadhaar card. Moreover, the subscribers will only be able to avail the benefits if they have completed this linking process. It must be noted that the Employees’ Provident Fund Organization (EPFO) has revised the Section 142 of the Code of Social Security 2020 and this change will affect several benefits, including contributions towards your pension fund. Make sure to complete the linking before September 1, 2021. Also Read - SBI WhatsApp Banking Services: Here’s How to Check Account Balance, Other Details
LPG price hike: It is expected that the price of domestic cooking gas LPG will be hiked from September. The price was hiked in on August 18 by Rs 25 per cylinder. August was the second straight month that LPG rates were increased. In July also the price of the LPG was hiked by Rs 25.50 per cylinder. Looking at the previous trends, another change in the cooking gas prices in September could be expected. Also Read - SBI Clerk, IDBI, NABARD Bank Recruitment 2022: Apply For These Top Banking Jobs
PAN-Aadhaar linking: As per the new notification issued by the SBI, all account holders are required to link their PAN cards to their Aadhaar cards by September 30, 2021. If the customers are not able to link their PAN with Aadhaar by the deadline, then the identification card and its relevant facilities will be rendered inactive. This would result in customers not being quoted for specific transactions.
GSTR-1 Filing guidelines: Issuing a notification, the Goods and Service Tax Network (GSTN) had earlier informed that from September, there would be a rule change. The GSTN had said that Rule-59(6) of Central GST Rules which provides for restriction in the filing of GSTR-1, will come into effect from September 1, 2021. As per the new guideline, a registered person won’t be allowed to file the GSTR-1 form if they have not filed the returns in Form GSTR-3B for the preceding tax period.
Cheque clearance: The Reserve Bank of India (RBI) had last year issued a notice that it would be rolling out a Positive Pay System which is a mechanism to verify the details of the issuer to prevent bank fraud. The mechanism came into effect on January 1, 2021. Moreover, the central bank has instructed other banks to implement this system when clearing cheques. According to the new rule, customers who are issuing high-value cheques such as Rs 50,000 and above or Rs 5 lakh and above, need to inform the banks prior to issuing the cheque. If this is not done, the cheque will bounce.