As the new year begins, a number of changes have been made for financial work. Financial institutions along with banks have updated the software with new rules. Withdrawal of more than 50 thousand checks from banks will be confirmed twice. Businessmen, whose turnover is more than 50 lakhs per month, will have to pay one percent cash payment of tax.
LPG cylinders have become expensive on the first day of the year and now the price of all two-wheelers including cars has also gone up by 5%. Many rules as well as ordinary people have started protesting the rules. However, all the rules have been changed by the Central Government, hence a letter has been written to the Union Finance and Commerce Minister.
According to Income Tax, CA and business organizations many changes have also started regarding new registration in GST. This is happening for the first time when the limit of e-way bill has been increased from 100 km to 200 km in a day. That is, now e-way bill will not be required to carry goods up to 200 km. This will make the work of small businessmen easier.
Double check system positive pay system has been implemented to prevent fraudulent checks from banks. The rules will be applicable for payment of the amount of 50 thousand and above by check. From this year, to call mobiles from landlines across the country, mobile numbers have to be zeroed before dialing. Calling on mobile will not be done if zero is not applied.
Relief in filing GST return
Till now, traders had to file 4 GSTR-3B returns 12 times in a year i.e. every month. But from 2021, now 4 GSTR-3B returns will have to be filed only four times a year. The Central Government has implemented the Quarterly Filing of Return with Monthly Payment Scheme only to make the GST return filing process much easier. Businessmen with an annual turnover of Rs 5 crore can avail this scheme.
Now pay by check like this
The rules for making payments by check have also been changed from 1 January. According to the new rule, positive pay system has been implemented for checks paying more than 50 thousand.
That is, the information required for more than 50 thousand checks will be confirmed again. That is, there will be a crosscheck of the payment and payment. The new rule is designed to make check payments more secure and to prevent bank fraud.