Hoping the month of November recommended itself to your favour, I present to you its parting words in the form of a letter. Christmas and New Year are around the corner; they will be arriving before we know it if it is still the month of December. Much is about to change next month. New rules will be applicable from December 1, 2024 in India. These have a very large effect on ordinary civilian populations. Such changes will be in scenarios like LPG connection, ATM card, Aadhaar update, petrol cost, government employees, private sector employees, insurance, and Pan-Aadhaar linking. Now let’s try to understand what changes are going to happen.
- LPG Connection New Rules: The LPG subsidy may be revised from 01 December 2024. The subsidy is being given only to consumers whose Aadhar card is linked to the gas connection. Furthermore, each connection can be forced to make a digital payment.
2. ATM card-related changes: Previously magnetic stripe bank cards for ATMs will no longer be accepted. RBI has mandated all the banks in the country to provide chip-based debit and credit cards only by December 1, 2024. If you have not drawn a new card, call your bank at once.
3. New Rules for Aadhaar Card Update: Let it be known for the record, the Aadhaar update is set to become easy from December 1, 2024. Also, it will be faster. As of now, UIDAI has proclaimed that fresh verification of an Aadhaar card is necessary after a gap of every ten years. In order to prevent such fake identities, the database was updated with such a decision.
4. Change in petrol prices: Analyzing these situations the government has made a decision to freeze the prices of petrol as well as diesel. Petrol prices are likely to alter in the transition to green energy. As well, a new electric vehicle subsidy scheme will be initiated and taken into implementation.
5. New Pension Scheme for Government Employees: It is informed that from 01.12.2024, contributions under NPS (National Pension System) for government employees will be toned up. Also, when people will try to utilize services after retirement there will be changes in the process.
6. New Rules for Privately Employed Employees: EPFO has declared the introduction of the new pension scheme for all private sector employees. This will entitle employees to get more information about their pension accounts than before. Besides it may be expected that every worker should take health insurance.
7. Changes in the Insurance Sector: From December 1, 2024, there will probably be some disparities in the insurance sector with regard to digital services. Policy purchase, claim, and policy renewal are entirely done online. Furthermore, even health insurance may cost differently.
8. PAN-Aadhaar Deadline: You have to link your PAN Card, and Aadhaar Card by December 1, 2024. Following this non-linked PAN cards will be closed. It is important to notice that there can be options to request a change of deadline as well.
9. Digital Payment Promotion: The government wants to launch cashless transactions starting from the first of December in 2024 year. For example, through the use of digital wallets, it becomes possible to make them compulsorily provided for almost any significant purchase.
10. Income Tax New Rules: The direct changes named will be made to the existing method and process of income tax filing. This year, the government has proposed the ITR forms to be delivered pre-printed. In our case, it makes the filing of returns easier and faster.
11. GST Changes for Small Businesses: The examples and perception of GST would be better for small compliance. New rules are available as per which quarterly filing can be done instead of the monthly filing of GST.
12. New subsidy for electric vehicles: An all new subsidy law will be instated by the government starting from December 1, 2024, in order to increase the use of electric vehicles. The stock of the EV charging stations will also be brought up.
13. Property Registration New Rules: Automation of the system means that the procedure for property registration will be completely online for the sake of transparency in the actual estate business. It is now possible to register and submit documents without having to make copies of those documents.
14. Changes in Bank Account KYC Process: From December 1, 2024, banks intend to up the KYC process’s strictness. KYC is required to be renewed every five years for the customers.
15. Focus on health: On Dec 1, 2024, the government will set out a National Wellness Policy to encourage people to live healthy and energetic lives. As a part of this, different health check-ups and yoga programs are affordable and hence available to all organizations.
