Many changes are set to take place in India from January 1, 2025, affecting areas such as taxation, visa processing, LPG pricing, financial transactions, and farmer loans. These changes will impact individuals and businesses, requiring them to adapt to new rules and regulations in various sectors.
India will implement several significant regulatory and financial changes starting January 1, 2025, affecting various sectors of society. Major updates include mandatory multi-factor authentication (MFA) for GST compliance, changes in US visa appointment rescheduling, adjustments in LPG prices, and simplification of EPFO pension withdrawal processes.
Additionally, the introduction of higher transaction limits for UPI 123Pay and new rules in the agricultural loan sector will have a profound impact. With these updates in the new year, businesses and individuals will need to be prepared for changes in finance, regulations, and services.
GST Compliance Updates
Mandatory Multi-Factor Authentication (MFA):
To enhance security, all taxpayers will be required to adopt MFA to access the GST portal. This will include updating mobile numbers for OTP and training employees on the system (GST Update).
E-Way Bill Limitations:
E-way bills will only be valid for documents that are not older than 180 days. This will require better coordination between invoicing and logistics.
Visa Requirements
US Visa Appointment Reschedule:
From January 1, 2025, non-immigrant visa applicants in India can reschedule their appointments once free of charge. Further rescheduling will require re-application and payment of the fee.
Changes in the H-1B Visa Process:
New rules, effective from January 17, 2025, will modernize the H-1B visa process, making it more flexible for employers and accessible for Indian F-1 visa holders.
LPG Price Adjustment
LPG cylinder prices will be adjusted on January 1, 2025. While specific changes have not been reported, both domestic and commercial LPG prices are expected to change.
EPFO Pension Withdrawal Simplification
Employees’ Provident Fund Organisation (EPFO) pensioners will be able to withdraw their pension from any bank without additional verification starting January 1, 2025, making it more accessible.
UPI 123Pay Transaction Limit Increased
The transaction limit for UPI 123Pay will be raised from Rs 5,000 to Rs 10,000, making it more convenient for feature phone users to conduct transactions.
Stock Market Expiry Rules Changed
From January 1, 2025, the expiry date for Sensex and other indices will shift from Friday to Tuesday, affecting weekly and monthly contracts.
Farmer Loan Rules
The Reserve Bank of India has introduced new rules allowing farmers to get loans up to Rs 2 lakh without collateral, ensuring that Indian farmers face fewer financial hurdles.
These changes will require preparation and adjustment from individuals and businesses, as they adapt to the new rules and financial implications in the new year.