From January 1, 2025, various finance and budget changes will be in effect. Various sectors when it comes to individual budget planning and finances will be affected. The sectors will include taxation, banking, and even daily expenses. It will include:
Stricter GST Compliance Measures
Mandatory Multi-Factor Authentication (MFA) will be mandatory for all taxpayers to tighten the security. On account of this, taxpayers will be asked to update their mobile numbers for OTPs importantly the trained employees will be able to enable the MFAs promptly and then check whether their IT systems are compatible with the updated new requirements.
Changes in Visa Fees and Processes
A global e-visa is set to be launched by the government of Thailand to streamline the process of visa application system for travelers. Indian business travelers and tourists heading toward Thailand will find this a simplified process to travel.
Mobile Data Charges
There is no official statement from the telecommunication department yet but still, a potential change in the mobile data charges is expected. Anyhow the tariff revisions or any other announcements should be conveyed to the users.
LPG Cylinder Prices
Since the price of crude oil per barrel is $73.58 currently, there is a prediction that the price of the LPG gas cylinders will be high. The commercial cylinder pricing tends to increase potentially where the price of the domestic cylinders remains the same for a few months.
Automobile Price Increases
The famous luxury brands such as Mercedes-Benz, Audi, and BMW have announced in collaboration with Maruti Suzuki, Tata Motors, Hyundai, Mahindra, Honda, and Kia to increase the vehicle price from 2% to 4%. The decision is made considering the factors such as higher production costs, increased freight charges, rising wages, and forex volatility.
Fixed Deposit Rule Changes
For the safety of the public deposits, the Reserve Bank of India has made many updates. Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) fixed deposits will be affected. While investing, the depositor must go through the new rules and conditions that have been updated.
UPI 123Pay Transaction Limit Increase
The service provided by the UPI 123Pay platform has been designed to send Rs. 10,000 through phone without the use of the internet. Previously one can send only Rs. 5,000. These major changes will attract a lot of users to their platform with higher value transactions.
Tax Collected at Source (TCS) on Luxury Goods
If an individual purchases luxury goods, which exceeds Rs. 10 lakhs will be liable to TCS. The specific list of luxury goods and implementation details will be released soon. To understand financial implications, prospective buyers should be aware of this.
Amendment in TDS on Property Sales
The tax is deducted from the buyer before to the seller, as The law on Tax Deducted at Source (TDS) for property sales has been amended. Regardless of the individual seller shares, the TDS must be deducted if the total payment exceeds Rs. 50 lakhs. To prevent TDS avoidance through misinterpretation of the law, this amendment was formed.
TDS on RBI Floating Rate Bonds
If the interest received exceeds ₹10,000 per month, returns from RBI Floating Rate Bonds will now be subject to TDS. tax will be deducted before making the final payment to investors, affecting the net returns received
With inputs from agencies
Image Source: Multiple agencies
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Author's Bio
Ayesha Jumana A R is a dedicated content writer specializing in creative content, blogs, SEO-optimised articles, and product descriptions. She has earned recognition at the national level for critical writing, contributed to the Assist World Record for Spill Poetry, and received multiple state and district-level prizes for her poetry. Her work is featured in the anthology An Invisible Bond, available on Amazon.
