The new year will change some of the rules of your life. These include rules ranging from bank withdrawals to deposits, debit and credit cards. The GST law will also change. The GST Council has made some changes in the inverted duty structure in the footwear and textile sectors. These changes will take effect on January 1, 2022. Read about these changed rules
Rules for using debit and credit cards will change
From January 1, debit and credit card payments will change. The RBI has changed the rules to make online payments more secure. Now when making online payments you have to fill in the full card details including 16 digit debit or credit card number. Merchant websites or apps will no longer be able to store your card details during online shopping and digital payments.
LPG LPG Cylinder Price
LPG prices are set on the first of every month. It remains to be seen whether cylinder prices will rise or get relief on New Year’s Day, January 1, 2022.
There will be a charge on cash withdrawal
Account holders of India Post Payment Bank will be charged for withdrawing and depositing cash above the prescribed limit. This rule will be effective from January 1, 2022. Three types of savings accounts can be opened in IPPB in which various facilities are provided. According to India Post Payments Bank, withdrawal of cash from Basic Savings Account 4 times per month is free.
Withdrawing money from an ATM will be expensive
From January 1, customers will have to pay a higher charge for crossing the free ATM transaction limit. In June, the RBI had allowed banks to increase fees beyond one limit on free monthly withdrawals from ATMs from January 1, 2022. Each bank offers free cash and non-cash ATM transactions every month. From January 1, after the free limit, more charges will have to be paid. Withdrawals after the free limit will be subject to a charge of Rs 21 and GST.
Google’s rules will change
Your payment card details will not be saved on the Google Play Store. Pre-recorded information will be deleted.
GST on shoes and readymade garments
According to the new tax rate, shoes will now be taxed at 12 per cent. All garments except cotton will be subject to 12 per cent GST. Readymade garments will also be subject to 12 per cent GST.
Online auto rides will also have to pay GST
The transport service provided by the startup will also be subject to 5 per cent GST. GST will not be levied if autorickshaw driver is servicing offline mode.
GST will be charged on ordering food online
From January 1, GST will be levied on services provided by platforms like Swiggy and Jomato. They will now have to submit a challan to the government for such service.
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