Dharamshala, 3rd September: From the Aadhaar-PAN card link to a possible spike in cooking gas costs, a number of changes are expected in everyday life starting on September 1, Wednesday. As the new month begins, here is a rundown of significant changes that will take effect today.

Linking of PAN and Aadhaar is required.

The State Bank of India (SBI) had previously stated that connecting the PAN and Aadhaar cards as required and must be completed by September 30. If someone does not follow the instructions, according to bank executives acquainted with the situation, there may be transaction-related complications. When depositing more than $50,000 into a bank account, the account has to be connected with a PAN, according to previous requirements.

Linking Aadhaar and PF

Employers can only credit their provident fund (PF) contribution from September 1 if the employee’s Aadhaar number is linked to their Universal Account Number (UAN). The Employees’ Provident Fund Organisation (EPFO) revised Section 142 of the Code of Social Security, 2020, to make Aadhaar-PF linking essential for a variety of activities, including receiving payments and applying for benefits.

Increase in the price of LPG

According to reports from last month, cooking gas prices are rising once again in early September.  Since cooking gas prices have risen over the past two months, it was predicted that the trend would continue in September.

Norms for clearing checks have changed.

In 2020, the Reserve Bank of India (RBI) will implement a new Positive Pay System for clearing checks in order to validate an issuer’s details and prevent fraud. However, the system went into force on January 1st of this year. Under the new method for cheque clearance, customers who are submitting high-value checks must now notify their respective banks before doing so. This is to avoid bank fraud in the areas of check issuance and clearance.

GSTR-1 filing instructions

From this month, new rules for goods and services tax (GST) networks will be implemented. According to the Goods and Service Tax Network (GSTN), everything must now be provided in accordance with Rule-59(6) of the Central GST Rule in order to file GSTR-1 in compliance with the rules. According to the new procedures, no one can file GSTR-1 without first completing the GSTR-3B form.

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