Daijiworld Media Network - New Delhi

New Delhi, Apr 1: As the new financial year begins, several important financial and economic changes will take effect from April 1, 2025, impacting taxpayers, digital payment users, credit and debit cardholders, and pensioners across India. Here’s a breakdown of what’s changing:

LPG prices revised

Oil marketing companies have revised the prices of commercial LPG cylinders, offering some relief to businesses. The price of a 19 kg commercial LPG cylinder has been reduced by Rs 41. In Delhi, the new price is Rs 1,762, while in Mumbai, it is Rs 1,714.50. These fluctuations are due to shifts in the international energy market.

New income tax slabs come into effect

The Union Budget 2025 introduced a revised tax structure that is now in effect. Under the new system:

• Individuals earning up to Rs 12 lac annually will be exempt from paying income tax.
• Salaried employees will benefit from a standard deduction of Rs 75,000, making incomes up to Rs 12.75 lac tax-free.

This aims to provide relief to middle-class taxpayers while encouraging the adoption of the new tax regime.

UPI transactions linked to inactive numbers restricted

To enhance security, the National Payments Corporation of India (NPCI) has mandated that UPI transactions from inactive mobile numbers will no longer be permitted. Banks and UPI apps such as PhonePe and Google Pay will phase out accounts linked to unused numbers. Users must update their UPI-linked mobile numbers with their respective banks to avoid disruptions.

Credit card reward programs adjusted

Credit card holders will notice modifications in reward structures.

• SBI SimplyCLICK and Air India SBI Platinum Credit Card users will experience changes in their benefits.
• Axis Bank is set to revise the perks of its Vistara Credit Card following the airline’s merger with Air India.

RuPay debit select card introduces new benefits

Holders of the RuPay Debit Select Card will gain access to new perks, including:

• Spa sessions
• Personal accident insurance
• Golf lessons
• Airport lounge access (domestic & international)
• OTT subscriptions
• Complimentary gym memberships
• Health check-ups
• Cab vouchers

Unified Pension Scheme begins

The Unified Pension Scheme (UPS), announced in August 2024, officially comes into force today. It replaces the old pension system and will benefit around 23 lac central government employees, ensuring that those with at least 25 years of service receive a pension equivalent to 50% of their last 12 months’ average basic salary.

GST rule changes

Key modifications in the Goods and Services Tax (GST) system include:

• Multi-Factor Authentication (MFA): This will be mandatory for all taxpayers accessing the GST portal.
• E-Way Bill (EWB) Rule: E-Way Bills can only be generated for base documents that are no older than 180 days, a move aimed at improving compliance and reducing tax evasion.

Minimum balance rules updated

Major banks, including SBI, Punjab National Bank, and Canara Bank, have revised their minimum balance requirements. Customers must maintain the updated balance to avoid penalties.

NHAI toll rate hike

Highway toll rates have been revised from today, adding extra costs for travelers. Toll charges will increase by Rs 5 to Rs 10 on major highways, affecting both private and public transport fares. Key routes in Uttar Pradesh, such as Lucknow-Kanpur, Varanasi-Gorakhpur, and Lucknow-Ayodhya, will experience these hikes. Other states, including Delhi-NCR, Maharashtra, West Bengal, and Karnataka, will also see toll adjustments.

With these financial changes now in effect, individuals and businesses are advised to stay updated and make necessary adjustments to their financial planning for the year ahead.