NEW YEAR, NEW RULES: Mandatory FASTag to Quarterly GST return filing, rules that are changing effective Jan. 1, 2021

Mandatory FASTag to Quarterly GST return filing; let's take a look at the rules that are changing from January 1, 2021

Along with the arrival of New Year 2021, the government has decided to bring in several new rules ranging from mandatory FASTag, cheque verification if the amount is more than Rs,50,000, quarterly GST filing and of course, on tech front, WhatsApp said no updates for older phones.

Let's take a look at them:

FASTag mandatory: The Union Ministry of Road Transport and Highways has made FASTag mandatory in all four-wheeled vehicles from January 1, 2021. The notification was issued to make FASTag compulsory in four-wheel vehicles of M&N category, which were sold before December – 2017. From January, Fitness Certificates will be issued only if vehicles have FASTag. Even for getting third party insurance, FASTag would be compulsory.

Quarterly GST return filing: Instead of the current monthly system, taxpayers with a turnover of upto Rs 5 crore, would be able to file the GST once every quarter. The scheme has been launched to serve two purposes – ease for small and medium sized enterprises and strict vigilance over input tax credits.

Positive pay system for cheques: The RBI will be implementing Positive Pay system for cheques from January 1, 2021. Under this scheme, re-confirmation of key details would be asked for any transaction beyond Rs 50,000. This move would ensure better cheque safety and minimise cheque frauds.

Unexplained cash credit in bank account — Pixabay

Contactless card transaction: The RBI will be increasing the limit of contactless card transaction from Rs 2,000 to Rs 5,000 from January 1, 2021. This move has been made keeping in mind customer ease, technological use and safe distancing during the pandemic.

Mobile games to play right now — Pixabay

Dial 0 for mobile calls from landline: Starting January 1, 2021, people calling on mobile phones from landlines will have to first dial zero. This is being done to free up sufficient numbers for future use.

WhatsApp to stop working: Starting January 1, 2021, many android and IOS would not be able to run WhatsApp in their phones. With the company withdrawing support from the older versions, only phones with new versions would be able to have WhatsApp. For android phones running 4.0.3 operating system and iPhones running IOs 9 and newer would be have the compatibility to run WhatsApp.