Along with the new year and calendar, a number of significant changes (Rule Changes Effective January 1 2025) will take effect across the country, affecting homes, professions, travellers, and money.
Reetu | Dec 26, 2024 |
Key Financial Changes w.e.f. 1st January 2025 that will affect your Financial Planning
As 2024 approaches its end in a few days, plans for 2025 are already beginning. Along with the new year and calendar, a number of significant changes (Rule Changes Effective January 1) will take effect across the country, affecting homes, professions, travellers, and money. These changes address a wide variety of issues, including data prices, visa procedures, and GST.
Here’s an early glimpse at the significant changes that will affect your budget and planning beginning January 1, 2025.
A number of important changes in GST compliance will come into force beginning January 1, 2025, affecting firms in India.-
1. MFA Mandatory: MFA will become mandatory for all taxpayers. This is to tighten security on GST portals more than ever. For this, update mobile numbers for OTPs, train employees to turn on MFA early, and verify IT system compatibility.
2. E-Way Bill Restrictions: E-Way Bills (EWBs) can only be generated for base documents that are no older than 180 days. To accomplish this, align invoicing and logistics with the 180-day guideline, automate EWB reminders, and coordinate inventory with supply chain teams.
These changes are intended to streamline processes and reduce fraud.
From January 1, 2025, travellers from any country in the world will be able to apply for a Thailand e-Visa via the official website. Previously, only travellers from specific regions could use the e-visa system. However, this expansion allows people from any country to complete the entire visa application process online. The move simplifies the procedure for overseas visitors, making international travel to Thailand easier. Many Indians will find it easier to process their travel documents now, as most Indians travel to Thailand with the intention of spending their vacation there.
US Visa Relief for Indians: Beginning January 1, 2025, the US Embassy in India will enable non-immigrant visa applicants to reschedule appointments once for no additional expenses. Additional rescheduling will necessitate reapplication and cost payment.
H-1B Visa Overhaul: New DHS guidelines go into effect on January 17, 2025, with the goal of modernising the H-1B process by providing employers with more flexibility and smoother transitions for Indian F-1 visa holders.
Long Wait Time: However, significant wait times for visa appointments in India persist, with B1/B2 visas taking 400 or more days on average.
The multidimensional conglomerate ITC, headquartered in Kolkata, has already said that assuming all relevant approvals are received, the demerger of ITC Hotels will take effect on January 1, 2025.
The Department of Telecommunications announced the Telecommunications (Right of Way) Rules, 2024, also known as the RoW Rules on September 19, 2024. These rules go into effect on January 1, 2025, and control the construction, use, and maintenance of underground communications facilities on public property. Right of Way restrictions will enable businesses to improve their services more effectively.
The new rule specifies the areas for new mobile tower installations by telecom companies such as Jio, Airtel, Vodafone, and BSNL.
WhatsApp will stop working on many phones which are Android and running on older versions of the operating system starting January 1, 2025. This includes popular models from brands like Samsung, LG, Sony, HTC, and Motorola. Here is the list of the names of the affected phone models:
WhatsApp will no longer support these devices, so preserve any data or chats you have on them before the deadline. The application’s needs are updated on a regular basis to suit additional features, such as Meta AI, which requires more advanced technology.
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