GST on cab, supply apps; ATM withdrawal expenses: New guidelines kick in from January 1 – Instances of India


It is the start of a brand new 12 months, and there are just a few cash adjustments this month which are prone to influence your wealth. We decode each for you:
1. Your money withdrawal from the ATM may get costlier
Money withdrawals will change into marginally costlier from January 1, 2022, because the Reserve Bank of India (RBI) has introduced new guidelines for customers exceeding their month-to-month free transactions. From as we speak, prospects should pay Rs 21 plus taxes to withdraw money for ATM transactions as soon as the restrict exceeds. Presently, the fees are Rs 20. Clients might be eligible for 3 free transactions from different banks in metro cities and 5 free transactions in non-metro cities. Tne this 12 months.
“To compensate the banks for the upper interchange payment and given the overall escalation in prices, they’re allowed to extend the shopper expenses to Rs 21 per transaction. This enhance shall be efficient from January 1, 2022,” the RBI mentioned in a round, revising it from the present fee of ₹20 per transaction.
RBI has additionally allowed the banks to extend interchange charges per transaction from Rs 15 to Rs 17 for monetary transactions and from Rs 5 to Rs 6 for non-financial transactions throughout facilities from August 1, 2021.
Some banks have already notified their prospects concerning the payment hike for exceeding month-to-month free transactions at ATMs. As per the HDFC Financial institution web site, the ATM transaction payment fee past the free restrict of Rs 20 + taxes might be modified to Rs 21 + taxes as of January 1, 2022. It added “For transactions at HDFC Financial institution ATMs, solely Money withdrawal transactions might be thought-about for charging. Non-Monetary Transactions (Stability Enquiry, Mini Assertion & PIN Change) might be free. For transactions at Non-HDFC Bank ATMs, transactions thought-about for charging will embody each Monetary (Money Withdrawal) and Non-Monetary Transactions (Stability Enquiry, Mini Assertion & PIN Change)”.
2. Get able to pay extra because of GST associated adjustments
Numerous shopper items like garments, textiles, footwear will change into costlier from as we speak because the GST charges on all these things will enhance to 12 per cent from 5 per cent. The GST on attire priced above Rs 1,000 has been hiked from 5 per cent to 12 per cent whereas the charges for textiles resembling materials, artificial yarn, blankets, tents and different related gadgets will now price extra as a result of hiked GST.
Auto rides and cab rides to get costlier too: The federal government has determined to convey ride-hailing companies like Ola and Uber below the ambit of GST with a 5% levy on such companies. Nonetheless, autos hailed from the road with out the app will proceed to be exempted.
Ordering meals will stay the identical however e-commerce platforms need to bear the burden: Platforms like Swiggy and Zomato should acquire and deposit 5 per cent GST with the federal government. This was earlier carried out from the restaurant’s finish for the deliveries made by them. Swiggy and Zomato would additionally need to challenge invoices in respect of such companies. There could be no additional tax burden on the top shopper for ordering meals by way of these apps as at present eating places are amassing and depositing GST. Solely, the compliance of deposit and bill elevating has now been shifted to meals supply platforms.
3. ITR submitting deadline
The Central Board of Direct Taxation (CBDT) had prolonged the Earnings-Tax Return (ITR) submitting deadline FY 2020-21 for people until 31 December 2021 due to the difficulties confronted by taxpayers within the wake of the Covid-19 pandemic. That is the second time this monetary 12 months that the federal government has prolonged the ITR submitting deadline for people whose accounts will not be required to be audited. Earlier, as a result of second wave, the ITR submitting deadline was prolonged by two months from the standard deadline of July 31 to September 30, 2021. From January 1, you possibly can file a belated return until March 31, 2022 however it will entice late-filing charges of Rs 5,000 below part 234F. In case your earnings is lower than Rs 5 lakh, the penalty is restricted to Rs 1,000, if the earnings tax return (ITR) is filed after December 31 however earlier than March 31, 2022.
4. Financial institution lockers are getting safer
From January 2022, your financial institution lockers are set to get safer as banks will now not be allowed to disclaim legal responsibility if a buyer’s locker is compromised as a result of negligence of the financial institution.
“It’s the accountability of banks to take all steps for the protection and safety of the premises wherein the secure deposit vaults are housed. It has the accountability to make sure that incidents like hearth, theft/ housebreaking/ theft, dacoity, constructing collapse don’t happen within the financial institution’s premises attributable to its personal shortcomings, negligence and by any act of omission/fee. As banks can’t declare that they bear no legal responsibility in the direction of their prospects for lack of contents of the locker, in cases the place the lack of contents of the locker are attributable to incidents talked about above or attributable to fraud dedicated by its worker(s), the banks’ legal responsibility shall be for an quantity equal to at least one hundred instances the prevailing annual hire of the safe deposit locker,” RBI mentioned in a notification.
5. EPF cash will cease when you’ve got not linked it with Aadhaar however the nominee deadline prolonged
If you’re an worker within the company sector and have an account with the Workers Provident Fund Organisation (EPFO), you will need to hyperlink your account along with your Aadhaar or withdrawals out of your EPF account might be restricted till your UAN has been confirmed and linked to your Aadhaar quantity. Nonetheless, the retirement fund physique in a tweet has mentioned that the account holders will be capable to add nominees by the e-nomination facility even after 31 December as nicely. The sooner deadline so as to add nominees by the e-nomination was 31 December 2021.

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