These Things will Change from 1st January 2025, Be Prepared in Advance: All You Need to Know

India is set to implement several major regulatory and financial changes starting from January 1, 2025, affecting various sectors of society. Among the key updates are mandatory Multi-Factor Authentication (MFA) for GST compliance, changes in US visa appointment rescheduling, adjustments to LPG prices, and simplified EPFO pension withdrawals.

Additionally, the introduction of higher transaction limits for UPI 123Pay and new rules for the agricultural loan sector will have a profound impact. Businesses and individuals alike will need to prepare for these shifts in finance, regulations, and services as the new year ushers in these updates.

Several major changes are due to come into effect in India from 1 January 2025, affecting every aspect of life, finance, and regulations. Here is an overview of the most prominent updates:

Key Changes

1. GST Compliance Updates

Mandatory Multi-Factor Authentication (MFA): To increase security, all taxpayers will now be mandatorily adopting MFA for accessing the GST portals. This will include updating mobile numbers for OTPs and providing training to employees on the system.

E-Way Bill Limitations: E-Way Bills will be allowed only for documents not older than 180 days and thus require better alignment between invoicing and logistics.

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2. Visa Requirements

US Visa Appointment Rescheduling: Non-immigrant visa applicants in India can reschedule their appointments free of charge once, without any additional fee, effective January 1, 2025. Further rescheduling will require reapplication and fee payment.

H-1B Visa Process Overhaul: New rules effective from January 17, 2025, modernize the H-1B visa process to make it more flexible for employers and smoother for Indian F-1 visa holders.

3. LPG Prices Adjustment

LPG cylinder prices will be adjusted on January 1, 2025. Although no specific changes have been indicated, domestic and commercial LPG prices will likely change.

4. EPFO Pension Withdrawal Simplification

Pensioners from the Employees' Provident Fund Organisation (EPFO) will withdraw their pensions from any bank without extra verification from 1st January, hence making it more accessible to them.

5. UPI 123Pay Transaction Limit Increased

Transaction limit for UPI 123Pay will be raised from Rs 5,000 to Rs 10,000, thus feature phone users will have increased flexibility in making transactions.

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6. Share Market Expiry Rules Changed

The expiration dates for Sensex and other indices will begin shifting from Fridays to Tuesdays from January 1, 2025. This change impacts weekly and monthly contracts.

7. Farmer Loan Rules

The Reserve Bank of India has introduced new regulations so that farmers can now enjoy the facility of up to Rs 2 lakh, unguaranteed.

These changes will require preparation and adjustment for both individuals and businesses as they try to adapt to the new regulations and financial impacts in the new year.

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