From September 2021, several rules concerned with PF, GST, and Pan Card will continue to be changed. These regulatory policies changes across financial, banking and automotive sectors will affect the day-to-day lives of the average citizen. However, the 5 GST, PF, Pan Card to change from September 2021 are listed below.
1. New GST Rule
The Goods and Service Tax Network (GSTN) announced that there would be certain changes in the GST rule from the 1st of September, 2021. The GSTN expressed that Rule-59(6) of Central GST Rules that generally provides for restriction in the filing of GSTR-1, will come into effect from the beginning of the month. With an introduction to this new rule change, people cannot file their GSTR-1 Forms if they have not filed the GSTR-B for the previous tax period.
2. PF-Aadhaar Linking
From September 1, employees and employers can only make contributions to the employee’s provident fund (PF) if it is linked with the Aadhaar card. It is mandatory for the employees to link their PF with an Aadhaar card to get access to PF benefits. Also, the Employees’ Provident Fund Organization (EPFO) had made changes to Section 142 of the Code of Social Security 2020, which will affect the pension’s fund.
3. PAN-Aadhaar Linking
Earlier, the last date to link PAN with Aadhaar was June 30, 2021, and the government has now extended the deadline to September 30, 2021. If you fail to do PAN-Aadhaar linking before the said date will result in the PAN card inoperativeness.
4. Change in LPG Cylinder Prices
The price for LPG cooking gas hiked for September by Rs 25 per cylinder from the previous price. Now, non-subsidized Domestic 14.2 kg LPG cylinders cost Rs 884.50 in Delhi. State-run Oil companies review the LPC cylinder prices twice a month, so expect the next potential hike after 15th September.
5. Positive Pay System
The Reserve Bank of India introduced the “Positive Pay System” in January 2021 as a verification model to prevent bank fraud. Some banks have already adopted this system and Axis Bank announced that it would implement the positive pay system from September 1 onwards.