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From 1 January next year i.e., 2021, many rules are going to change, starting from the implementation of Positive Pay system to curb cheque frauds, compulsory FASTags for all four-wheelers across India and new way of Goods and Services Tax (GST) return filing facility for small businesses.

So, before the new rules are implemented, it is important to know for us to know them in advance.

1.) FASTag mandatory for all four-wheelers
The Union Ministry of Road Transport and Highways has made it mandatory for all four-wheel vehicles to have FASTags from January 1, 2021. FASTag will be mandatory for M and N class four-wheelers sold before December 1, 2017. The Central Motor Vehicles Rules, 1989 were also amended for the same and the notification regarding this amendment was issued on November 6, 2020.

2.) Landline to Mobile phone call
It has been made mandatory by the directive issued by the Department of Telecommunications to prefix 0 for all calls made from landlines to mobiles, effective from 15 January next year, accepting the sector regulator’s suggestion. The Telecom companies have been asked by the Telecom Department to make necessary arrangements by January 1 to implement the new system.

3.) GST registered small businesses
A new easy and simpler, quarterly Goods and Services Tax (GST) return filing facility will be rolled out from 1 January which is set to benefit about 9.4 million small businesses. These firms with sales up to 5 crore, will need to file only four returns showing summary of all transactions in the quarter in the new regime instead of 12 currently being filed one every month, said a finance ministry official. The change is expected to impact about 94 lakh taxpayers. Now, only eight returns (four GSTR-3B and four GSTR-1 returns) have to be filed yearly by the taxpayers.

4.) Cheque payments
The Reserve Bank of India (RBI) is all set to introduce the ‘positive pay system’ for cheque from 1 January 2021. New rule requires re-confirmation of key details for payments beyond 50,000. The concept of Positive Pay includes a process of giving key details of large value cheques. The issuer of the cheque will be required to present information, including the cheque number, cheque date, payee name, account number, amount, and other details.

5.) WhatsApp to stop working on select phones
Popular messaging service WhatsApp has announced to withdraw support from some platforms from January 1. Following are the operating systems that the Whatsapp supports and the devices that it recommends: Android running OS 4.0.3 and newer; iPhone running iOS 9 and newer; and select phones running KaiOS 2.5.1 newer, JioPhone and JioPhone 2.

6.) Contactless card transactions limit
Starting January 1, the RBI has said to increase the limits from Rs 2,000 to Rs 5,000 for contactless card transactions and e-mandates for regularly occurring transactions through cards and UPI. RBI has described its move to enhance digital payment which will ensure a safe and secure manner, especially during the ongoing Covid-19 pandemic.

7.) Car prices hike
Vehicle prices are set to be increased from January 1 by car companies like Maruti Suzuki’ India and ‘Mahindra and Mahindra’ to cope up with the impact of increasing input costs.