PF, GST, Bank, PAN Card Linking: 6 New Rule Changes to Overcome in September, check details here

PF-Aadhaar Linking: The Employees’ Provident Fund Organization (EPFO) has made it mandatory to link Aadhaar card with PF UAN (universal account number) for PF contribution and other benefits. The deadline for linking UAN with Aadhaar was earlier 31 May 2021, which was extended to 31 August 2021. The PF accounts which will not be linked with Aadhaar after August 31, 2021, will face problems in depositing PF contribution by the employer. Employees will see only their own share in the account.

New GST Rule: The Goods and Service Tax Network (GSTN) had announced that starting from the 1st of September, 2021, there would be a rule change. The body expressed that Rule-59(6) of Central GST Rules which provides for restriction in the filing of GSTR-1, will come into effect from the beginning of the month. According to the new rule change that has come into play, people cannot file their GSTR-1 Forms if they have not yet filed the GSTR-B for the previous tax period.

PAN-Aadhaar Linking: government has issued a deadline of September 30, 2021, as the last date to link your PAN card to your Aadhaar card. Earlier this deadline was June 30, 2021, but was extended. Failing to link the two cards to each other before the given deadline will result in the PAN card being rendered inoperative.

New rule for PNB savings account: September 1, 2021, Punjab National Bank (PNB)is going to reduce interest rates on its savings deposits. The new interest rate is fixed at 2.90 percent per annum and will be applicable to both existing and new savings account holders.

Insurance for cars to be made mandatory: The Madras High Court has made it mandatory to have bumper to bumper insurance on the purchase of every new car for 5 years. However, this updated rule might push the prices of cars higher.

Positive Pay System: Positive pay system is a kind of fraud detection tool. Under this system, when anyone issues a check, he will have to give full details to his bank. In this, the issuer of the check will have to electronically give the date of the check, name of the beneficiary, account number, total amount and other necessary information to the bank through SMS, internet banking, ATM or mobile banking. With this system, where the payment by check will be safe, the clearance will also take less time. This system will be applicable on payment through check of 50 thousand or more amount.

However, some banks were yet to adopt it. Axis Bank announced that it would implement the positive pay system from September 1 onwards.