Rules to Change From New Year 2021: From Additional Charge on UPI Payments to GST Rule Changes For Small Businesses, Here Are Few Changes to Come Into Effect From January 1, 2021

Team Latestly
·2-min read

Mumbai, December 31: On the first day of every month, we see rules changing, which impact the lives of the common man. Tomorrow, we are not only entering a new month but also stepping on to a New Year.

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From additional charge on UPI payments for third-party app providers, changes in LPG cylinders to GST rule change for small businesses, here are some changes that are set to take place from tomorrow. From Changes in LPG Prices to RTGS Timings, Here Are Some Changes Which Will Come Into Effect From December 1, 2020.

Additional charge on UPI payment for third party app providers:

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The National Payments Council of India (NPCI) has reportedly decided to impose an additional charge on UPI payment services, for third party-app providers from January 1, 2021. This could mean that one has to pay additional charges on UPI transactions done on third-party service providers such as Amazon pay, Google Pay and Phone Pay.

Car Prices to Increase:

Buying cars is expected to turn into a costly affair in 2021 as car manufacturers such as Maruti Suzuki India and Mahindra & Mahindra have announced to hike the prices of their products to offset higher input costs.

Gas Cylinder Prices to be Revised:

Oil companies determine prices of LPG cylinders on the first of every month. The prices could be increased, kept unchanged or decreased.

GST Rule Change For Small Businesses:

According to reports, from January 1, 2021, businesses with up to Rs 5 crore turnover will have to file only four GST sales returns, or GSTR-3B, instead of 12 at present. Small businesses will therefore be required to file only eight returns (four GSTR-3B and four GSTR-1 returns) in a year.