These things will change starting April 1 | Read in Detail
PTC Web Desk: Starting April 1, a series of financial and regulatory reforms will take effect, impacting taxpayers, pensioners, and digital payment users across India. These include revised income tax slabs, stricter security norms for UPI, the implementation of the Unified Pension Scheme (UPS), and updated compliance requirements under the Goods and Services Tax (GST) regime.
Revised income tax slabs and rates
Following Finance Minister Nirmala Sitharaman’s announcement in the Union Budget, the revised income tax structure will be enforced from April 1. Under the new tax regime, individuals earning up to Rs 12 lakh annually will be exempt from paying income tax. Additionally, salaried employees will receive a standard deduction of Rs 75,000, effectively making those with an annual salary of up to Rs 12.75 lakh tax-free.
Unified Pension Scheme (UPS)
The Unified Pension Scheme (UPS), introduced by the Central Government in August 2024, will be implemented from April 1, 2025. The scheme is designed to benefit 23 lakh central government employees, ensuring financial security post-retirement. Employees with at least 25 years of service will receive a pension equivalent to 50% of their last 12 months’ average basic salary.
UPI Security Measures
To enhance security and prevent fraud, the National Payments Corporation of India (NPCI) has introduced new Unified Payments Interface (UPI) guidelines, effective from April 1. Banks and UPI service providers like PhonePe and Google Pay must phase out inactive mobile numbers linked to UPI accounts, as they pose a potential security risk.
Key directive from NPCI
Banks and payment service providers (PSPs) must use the Mobile Number Revocation List/Digital Intelligence Platform (MNRL/DIP) to update databases weekly.
Users with inactive mobile numbers linked to UPI must update them with their banks before April 1, 2025, to avoid losing access to UPI transactions.
GST Compliance Updates
The Goods and Services Tax (GST) framework will also undergo significant changes in the new financial year:
Multi-Factor Authentication (MFA) will be mandatory for taxpayers using the GST portal.
E-Way Bills (EWBs) can only be generated for base documents not older than 180 days.
GSTR-7 filers (for tax deductions at source) must file returns sequentially, without skipping months.
Biometric authentication at GST Suvidha Kendras will be required for promoters and directors.
- With inputs from agencies
