New Year 2025 | Here are major rule changes kicking in on January 1

With the advent of the New Year, the country will witness several major regulatory and financial changes starting from January 1, 2025, affecting various sectors of society.

Among the significant updates are mandatory Multi-Factor Authentication (MFA) for GST compliance, changes in US visa appointment rescheduling, adjustments to LPG prices, and simplified EPFO pension withdrawals.

Moreover, the government will also introduce higher transaction limits for UPI 123Pay and new rules for the agricultural loan sector. While some of these rules might be small adjustments, others could influence your budget. It’s important to stay informed so you can plan ahead and manage your finances in an effective way in the coming year.

Also read: With popcorn and cream buns lost in GST maze, experts look for logic

The Federal takes you through an overview of these significant updates.

1. GST compliance

Mandatory Multi-Factor Authentication (MFA): To increase security, all taxpayers will now be mandatorily adopting MFA for accessing the GST portals. This will include updating mobile numbers for OTPs and providing training to employees on the system.

E-Way Bills restrictions: E-Way Bills will be allowed only for documents not older than 180 days and thus require better alignment between invoicing and logistics.

2. New US visa rules

Appointment rescheduling: Non-immigrant visa applicants in India can reschedule their appointments free of charge once, without any additional fee, effective January 1, 2025. Further rescheduling will require reapplication and fee payment.

H-1B visa process overhaul: New rules effective from January 17, 2025, will modernise the H-1B visa process to make it more flexible for employers and smoother for Indian F-1 visa holders.

3. LPG price adjustment

LPG cylinder prices will be adjusted on January 1, 2025. Although no specific changes have been indicated, domestic and commercial LPG prices will likely change.

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4. EPFO pension withdrawal made easy

Pensioners from the Employees' Provident Fund Organisation (EPFO) will get a huge respite as they can now withdraw their pension from any bank without extra verification from January 1, hence making it more accessible to them.

5. UPI 123Pay transaction limit up

Transaction limit for UPI 123Pay will be raised from Rs 5,000 to Rs 10,000, thus feature phone users will have increased flexibility in making transactions.

Also read: US visa: New rules from January 1 to cut waiting period in India

6. Share market expiry rules changed

The expiration dates for Sensex and other indices will begin shifting from Fridays to Tuesdays from January 1, 2025. This change impacts weekly and monthly contracts.

7. Increased collateral-free loans for farmers

Farmers are set to benefit from an increase in the limit for collateral-free loans. The Reserve Bank of India (RBI) has raised the limit for unsecured loans to farmers from Rs 1.6 lakh to Rs 2 lakh, starting January 1. This will provide easier access to financial support for agricultural needs.