Key Changes From January 1 That Will Affect Your Finances And Planning
As 2024 comes to a close, significant updates and new regulations are set to impact finances, travel, and technology in 2025. From changes in GST compliance to updates in visa processes and telecom rules, here’s what you need to know to prepare for the year ahead.
- Changes in GST Compliance
Starting January 1, 2025, major updates in GST compliance will affect businesses across India:
Mandatory Multi-Factor Authentication (MFA):
- MFA will be required for all taxpayers to enhance security on GST portals.
- Preparation Tips: Update mobile numbers for receiving OTPs, train employees to use MFA, enable MFA early, and ensure compatibility of IT systems.
E-Way Bill (EWB) Restrictions:
- EWBs can only be generated for base documents that are not older than 180 days.
- Preparation Tips: Align invoicing and logistics operations with the 180-day rule, set up automated EWB reminders, and coordinate inventory management with supply chain teams.
These updates aim to streamline processes and minimize fraud, making GST compliance more robust.
- Thailand’s New e-Visa System
From January 1, 2025, Thailand will launch its e-Visa system for travelers worldwide. Visitors can apply online at www.thaievisa.go.th, simplifying the process for international travelers, including Indian tourists who frequently visit Thailand for holidays.
- Updates to US Visa Procedures
The US Embassy in India is introducing several changes to streamline visa processes:
Rescheduling Appointments:
- Non-immigrant visa applicants can reschedule appointments once without incurring additional fees. Subsequent reschedules will require reapplication and fee payment.
H-1B Visa Modernization:
- Starting January 17, 2025, new DHS rules will improve flexibility for employers and streamline transitions for Indian F-1 visa holders.
Long Wait Times Persist:
- Despite these changes, wait times for B1/B2 visa appointments remain lengthy, averaging over 400 days.
- ITC Hotels Demerger
ITC Limited, headquartered in Kolkata, will implement the demerger of ITC Hotels starting January 1, 2025, following regulatory approvals. This move marks a significant milestone for the conglomerate.
- Telecommunications Rule Changes
The Department of Telecommunications’ (DoT) Telecommunications (Right of Way) Rules, 2024, will take effect on January 1, 2025. Key highlights include:
- Regulation of Underground Communications: New rules govern the installation, use, and maintenance of underground communication facilities on public property.
- Enhanced Services: Telecom providers like Jio, Airtel, Vodafone, and BSNL can boost their services, leveraging these regulations for mobile tower installations.
- WhatsApp Support Ends for Older Devices
WhatsApp will discontinue support for several older Android devices starting January 1, 2025. Affected models include:
Samsung: Galaxy S3, Galaxy Note 2, Galaxy Ace 3, Galaxy S4 Mini
HTC: One X, One X+, Desire 500, Desire 601
Sony: Xperia Z, Xperia SP, Xperia T, Xperia V
LG: Optimus G, Nexus 4, G2 Mini, L90
Motorola: Moto G, Razr HD, Moto E (2014)
Important Note:
- Save essential chats and data before the deadline.
- Upgrade to a newer device to access features like Meta AI, which requires advanced technology.
Conclusion
These changes, spanning GST compliance, visa regulations, telecom rules, and device compatibility, will impact both individuals and businesses. Staying informed and prepared will ensure a smoother transition into 2025.
Also Read: Accountability for ensuring ‘True and Fair View’ in Financial Statements: A Complex Responsibility
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