New Things in the New Year

January 4, 2019 Incredible India Valli Sarvani No comments

There are certain things that are changed from January 1, 2019 in India.

Here is a list of some important things that are changing in the New Year:

Magnetic stripe debit cards of all banks are not valid from January 1 as per the rules of Reserve Bank. These cards are substituted by EMV chip-based cards.

Similarly, the old cheque books i.e. Non-CTS (Cheque Truncation System) cheques of all banks are not valid from January 1. These cheques have been banned by RBI. Only CTS-2010 cheques are valid and you have to use them.

Those want to change the date of birth on their Aadhaar cards can change it at their nearest Aadhaar centre from January 1. However, you can do it only once. If you want to change it for the second time, you have to visit the regional UIDAI centre. If you want to change other things like address, you will have to wait for a new UIDAI PIN which will be sent to the new address. You can change your address with the new PIN.

The GST Council has reduced tax rates on 23 goods and services. As a result, the prices of these goods have been reduced.

Some of them include: TV/monitor screens (up to 32 inches), electronic goods, digital cameras, video game consoles and Lithium-ion power banks etc.

The GST on these goods has been reduced from 28 percent to 18 percent. Movie tickets of above ₹100 also fall under 18 percent tax and the tickets up to ₹100 fall under 12 percent tax.

The GST on parts and accessories for carriages for disabled people has also been reduced from 28 percent to 5 percent.

The National Pension Scheme (NPS) now comes under the EEE category. Hence, there is no need to pay tax on NPS.

The amount invested up to a prescribed limit is exempt from tax under the EEE category. The profits during the investment period are also tax-free. And even the amount withdrawn at the end is also tax free except some limitations.
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