New Year, new beginnings: Here are some things that change in 2020
NEW DELHI: from cheaper online funds transfers to GST get a makeover , There are many changes That will take effect in 2020. Here is a look at some of the things you should know.
Cheaper online funds transfers
As of January 1, as the holder of a savings bank account, you can make transfers of funds through NEFT without facing any charges from your bank. Be sure to start the online transaction through online banking or bank mobile applications.
Buying a trip can be more expensive
Leading automakers, including Kia, Maruti Suzuki, Hyundai, Nissan and Mercedes, have said their cars will cost more.
New Year Encourage customers of the State Bank of India
For SBI clients, mortgage loans are cheaper by 25 basis points. Withdrawing cash becomes more secure as the bank introduces OTP for ATM transactions above Rs 10,000 withdrawn between 8 PM and 8 AM.
Bad news for users of Windows
If you use WhatsApp on Windows Phone, the app won’t work from January 1, as WhatsApp drops support and won’t provide updates to the OS.
New Year verde
Kerala says goodbye to single-use plastic, as it welcomes the new year.
GST gets a makeover
Companies with an annual turnover exceeding Rs 500 million to implement electronic invoicing on a voluntary basis.
Companies need to stringently monitor whether suppliers are uploading returns on a regular basis as input tax credit will now be restricted to 10% (from 20%) if invoices aren’t reflected in filings. All new dealers enrolling for GST scheme will have to have Aadhaar authentication.
Starting a culture of digital payments
Companies with an annual turnover of Rs 50 crore or more in the previous year cannot insist on cash payments, and will have to provide customers with payment options through digital options such as debit cards with RuPay, Unified Payments Interface (UPI), BHIM-UPI, UPI Quick Response Code (UPI QR Code) and others.
Passing the money
Companies that accept digital payments through RuPay cards and UPI payments do not need to pay merchant discount rate (MDR) charges: the fee paid by the merchant to a bank for routing money through their network.
Increase connectivity for startups
Reliance Jio will begin providing free cloud and connectivity services to new businesses in the country, including Azure cloud services that Jio is bringing as part of its alliance with Microsoft.
Impact of incentives for exporters
As the new export scheme Remission of tariffs or taxes on export products replaces the existing export scheme for merchandise from India, an incentive cut of 4% to 2% will affect electronics and textiles, among others sectors.