New financial changes in September 2024

Which are the top five changes to watch out for in September?

1. Free Aadhaar update extension

The Unique Identification Authority of India (UIDAI) has extended the free Aadhar update period to September 14, 2024, giving more time to update demographic information.

To update it, valid proof of identity and address documents must be uploaded to the UIDAI portal.

Earlier this date was 14 June which is extended till 14 September, watch below video:

2. LPG cylinder price changes/Adjustments

Both domestic as well as commercial users of LPG must watch for price changes, and this is especially true for commercial users who rely on bulk usage of LPG as that would significantly impact business costs.

3. Change on GST Portal:

Introduction of RCM Liability/ITC Statement

furnishing bank account details before filing GSTR-1/IFF 

Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Dadra and Nagar Haveli and Daman and Diu AND Chandigarh

4. Changes in CNG-PNG and aviation fuel prices

Aviation turbine fuel (ATF) and CNG-PNG prices are expected to get revisions, affecting transportation costs, especially for air travel, and could thus, have a trickle-down effect on goods and services due to increased transport expenses.

5. Crackdown on Fraudulent Calls

The Telecom Regulatory Authority of India (TRAI) is introducing new measures to curb the increasing number of fraudulent calls and spam messages, with telemarketing services expected to gradually shift to a blockchain-based system by September 30, enhancing security and reducing unsolicited calls and messages.

6. Credit Card Regulations

New credit card rule changes, especially related to reward points and payment schedules are expected to come. For example, HDFC Bank will cap reward points on utility transactions, which means that users may actually earn fewer rewards while paying for services such as electricity or water. IDFC First Bank is updating payment schedules, which could potentially impact when and how payments are processed.