 "As the new year begins, several updates will come into effect nationwide, shaping how households, professionals, travellers, and families manage their finances and routines. Image for Representation. Reuters")
With 2024 nearing its end, the stage is set for 2025 to usher in a wave of changes.
As the new year begins, several updates will come into effect nationwide, shaping how households, professionals, travellers, and families manage their finances and routines.
From new GST compliances to updated visa rules and revisions in mobile data charges, here’s a glimpse into the major changes that may impact your budget and plans starting January 1, 2025.
LPG cylinder prices
An increase in LPG prices could be on the horizon as crude oil in the international market is currently priced at $73.58 per barrel.
While oil marketing companies review LPG prices on the first of every month, the price of domestic cylinders (14.2 kg) has remained unchanged for months, currently standing at Rs 803 in Delhi. Meanwhile, the prices of commercial cylinders have been steadily rising, indicating a potential shift in domestic LPG rates soon.
Car prices
Car prices are set to rise in the new year, making vehicle purchases more expensive.
Starting January 1, 2025, major automakers such as Maruti Suzuki, Tata Motors, Hyundai, Mahindra, Honda, and Kia, along with luxury brands like Mercedes-Benz, Audi, and BMW, will increase vehicle prices by 2 to 4 per cent. Manufacturers have cited higher production costs, increased freight charges, rising wages, and forex volatility as the reasons behind this hike.
If you’re planning to buy a car, be prepared to pay more in the coming year.
Data recharge plans
Telecom giants like Jio, Airtel, Vodafone, and BSNL may soon adjust their data charge plans, thanks to the new Right of Way (RoW) regulations set to take effect from January 1, 2025.
The Department of Telecommunications introduced the Telecommunications (Right of Way) Rules, 2024, on September 19, 2024. These regulations will help telecom providers enhance their services as they aim to streamline the construction, use, and maintenance of underground communication facilities on public property.
Fixed Deposit rules
Starting January 1, 2025, the rules governing fixed deposits for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) will change.
This will happen as the Reserve Bank of India introduced updates earlier this year, that aimed to enhance the safety of public deposits. Some key provisions include regulations on accepting deposits from the public, maintaining a portion of liquid assets in a safe manner, and ensuring full coverage for public deposits.
Changes in pension withdrawal
The new year will bring relief to pension holders, with simplified rules for pension withdrawals starting January 1, 2025.
Pensioners will now be able to withdraw their pension from any bank branch across the country, without the need for additional verification. According to Business Today, the new Centralised Pension Payment System is expected to benefit over 78 lakh EPS pensioners of EPFO.
Also read: How Indian stock markets are helping Canadians retire in peace
Changes in GST compliance
Starting January 1, 2025, taxpayers will face stricter GST compliance regulations.
One significant change is the mandatory Multi-Factor Authentication (MFA), which will be gradually implemented for all taxpayers accessing GST portals, enhancing security. Previously, this requirement only applied to businesses with an Annual Aggregate Turnover (AATO) exceeding ₹200 million.
In addition, new restrictions on E-Way Bills will limit their generation to base documents no older than 180 days. This aims to curb fraudulent activities like backdated invoices and ensures the timely and legitimate movement of goods.
The extension period for E-Way Bills will also be capped at 360 days from the original generation date, promoting more efficient logistics and preventing indefinite transit delays.
Transaction limit of UPI 123Pay
The transaction limit for UPI 123Pay, a service launched by the Reserve Bank of India (RBI) for feature phone users who may not have internet access, will be increased.
Previously, the maximum transaction limit was Rs 5,000, but starting January 1, 2025, this limit will be raised to Rs 10,000, offering greater flexibility to users of the service.
Changes in Whatsapp for old Android users
WhatsApp will soon stop working on several Android devices running older operating systems (OS) like KitKat.
This change will affect popular models from brands such as Samsung, LG, Sony, HTC, and Motorola, particularly those with phones released 9 to 10 years ago. Users are advised to save any important data or chats before the deadline.
Meta, WhatsApp’s parent company, has stated that this move to discontinue support for older operating systems is aimed at maintaining the app’s security and functionality.
US Visa rules
Starting January 1, 2025, the US Embassy in India will allow non-immigrant visa applicants to reschedule their appointments once without incurring additional fees.
However, if applicants miss the rescheduled appointment or need to reschedule again, they will have to book a new appointment and pay the application fee once more.
This change comes alongside a new rule by the US Department of Homeland Security to modernise the H-1B process, providing more flexibility for employers and smoother transitions for Indian F-1 visa holders. The new rule will take effect on January 17, 2025.
Thailand’s e-visa system
Starting January 1, 2025, visitors from all over the world will be able to apply for a Thailand e-Visa through the official website.
Previously, the e-visa system was only available to travellers from certain regions, but this expansion allows applicants from any country to complete the entire visa application process online, without the need for physical document submission.
This move simplifies the procedure for international visitors, making travel to Thailand more accessible. For many Indians, this will particularly ease the process, as Thailand is a popular holiday destination for Indian travellers.
With input from agencies