September would bring a lot of new rules, which would definitely affect normal lives. These changes include the Aadhaar card – PAN card link, hike in LPG prices, Aadhaar card – PF linking, GSTR-1 Filing Guidelines and new cheque clearance system (Axis bank).
Here is the detailed list of upcoming changes:
1.) Aadhaar card – PAN card linking:
State Bank of India (SBI) has made it compulsory for its customers to link the Aadhaar card with Permanent Account Number (PAN) card by September 30, 2021. If the customer would not do so, then he/ she would not be able to perform certain transactions. This link would allow the customer to deposit Rs 50,000 in one day. To link their Aadhaar and PAN card one can visit the Income Tax Department website.
2.) Aadhaar – PF linking:
From September 1, if the employees’ Aadhaar card is not linked with the Universal Account Number (UAN), then provident fund (PF) would not be credited to the employees’ account. Employees' Provident Fund Organization (EPFO) had revised Section 142 of the Code of Social Security 2020 to implement this new change.
Also Read: Amitabh Bachchan To Launch NFT Collection Through BeyondLife.Club
3.) LPG price hike:
It is expected that the price of LPG cylinders would increase in the month of September as the price has witnessed a hike in August and July. In August, the LPG price was increased by Rs 25 per cylinder whereas it was hiked by Rs 25.50 in July.
4.) GSTR-1 guidelines:
From September 1, the Goods and Service Tax Network (GSTN) has said that Rule-59(6) of Central GST Rules for the filing of GSTR-1, would be applicable. According to the rule, if any person has not filed returns of GSTR-3B, then he/she would be allowed to fill GSTR-1 form.
5.) New cheque clearance policy:
The Axis Bank would implement the new Positive Pay System for cheques clearance from September 1, 2021. While some other banks have adopted the system as it came into effect on January 1, 2021.
The Reserve Bank of India (RBI) has notified a new Positive Pay System for clearing cheques in 2020 to verify the issuer's details for preventing bank fraud.