Starting April 1, 2025, new financial rules will introduce changes to GST, income tax, and banking. Below are the complete details.
New Feature to Strengthen GST Security
The Goods and Services Tax (GST) structure will undergo updated modifications, and the new security feature Multi-Factor Authentication (MFA) will become mandatory for taxpayers accessing the GST portal.
Beyond this e-way bills (EWB) can merely be generated for base documents that are not over 180 days.
UPI Rule Change for Dormant Phone Numbers
The National Payments Corporation of India (NPCI) has now mandated that Unified Payments Interface (UPI) transactions from inactive numbers will not occur.
It is to lessen the feasibility of transactions that occur incorrectly from the numbers the telecom providers reallocated due to inactivity.
New IT Slabs and Rates
A major rule amendment shall take place pertinent to the new income tax slabs that were introduced in the Union Budget 2025, wherein the people who are earning up to Rs 12 lakh per annum are waived from filing the income taxes.
Beyond this, the standard deduction of ₹75,000 makes annual incomes up to ₹12.75 lakh tax-free.
Unified Pension Scheme (UPS)
Originally Unified Pension Scheme (UPS), introduced in August 2024, will indeed get executed, replacing the old pension system and impacting around 23 lakh central government employees, with those having at least 25 years of service receiving a pension equivalent to 50 per cent of their last 12 months’ average basic salary.
Credit Card Rule for Users
Also, the credit card owners will see the updated amendment to reward points and benefits.
For example, SBI SimplyCLICK and Air India SBI Platinum Credit Card users will notice adjustments in reward structures, while Axis Bank will modify the benefits of its Vistara Credit Card after the merger with Air India.
