New Year 2025: 6 important changes that will affect your finances and planning
As the countdown to 2025 begins, it’s not just the calendar that will change. The new year will bring several important rules that can have a direct impact on your finances. These changes are set to affect various aspects of everyday life, from taxes and debt to how you manage your money. While some of these rules may be small changes, others can have a big impact on your budget. It is important to stay informed so that you can plan ahead and manage your finances effectively in the coming year. Here’s a list of the new rules you need to know.
Major changes from January 1, 2025
1. Price of cooking gas:
The price of cooking gas (LPG) is updated on the first day of each month. Therefore, it remains to be seen whether the oil companies will make changes in LPG prices on January 1, 2025.
2. Important changes in GST rules:
From January 1, 2025, the new GST rules will come into effect, and will affect businesses across India.
3. UPI 123Pay
The National Payments Corporation of India (NPCI) has increased the limit for UPI 123Pay in the new year. As of now, you can make purchases up to Rs 5,000 using this payment service. But from now on, the limit has been increased to Rs 10,000.
4. Mandatory MFA (Multiple Factor Authentication):
To improve security on GST portals, MFA will be required for all taxpayers. Make sure you update your mobile number OTPs, train your staff, enable MFA early, and check that your IT systems are up to date.
5. Major Exemptions from EPFO:
In the new year, EPFO pensioners will get a big relief. According to the new rules, pensioners can now withdraw their pension from any bank in the country without requiring additional verification.
6. Limitations of E-Way Bill:
IE-Way Bills (EWBs) can only be created for documents that are not more than 180 days old. Make sure your invoices and shipments follow the 180-day rule, set up reminders for EWBs, and coordinate with the supply chain team to manage inventory.
