New Year 2025: 6 Key changes that may affect your finances and planning

As the countdown to 2025 begins, it’s not just the calendar that will change. The new year will bring several important rules that could have a direct impact on your finances. These changes are set to affect various aspects of daily life, from taxes and bills to how you manage your money. While some of these rules might be small adjustments, others could mainly influence your budget. It’s important to stay informed so you can plan ahead and manage your finances in an effective way in the coming year. Here’s a list of the new rules you need to know.

Major changes from January 1, 2025

1. Cooking gas price:

The price of cooking gas (LPG) is revised on the first day of every month. So, it remains to be seen whether oil companies will make any changes to the LPG prices on January 1, 2025.

2. Key changes in GST rules:

Starting January 1, 2025, new GST rules will come into effect, and they will affect businesses across India.

3. UPI 123Pay

The National Payments Corporation of India (NPCI) has increased the limit for UPI 123Pay in the new year. Until now, you could make transactions up to Rs 5,000 using this payment service. But from now on, the limit has been raised to Rs 10,000.

4. Mandatory MFA (Multi-Factor Authentication):

To improve security on GST portals, MFA will be required for all taxpayers. Make sure to update your mobile number for OTPs, train your employees, enable MFA in advance, and check that your IT systems are ready.

5. Big Relief on EPFO: 

In the new year, EPFO pension holders will get a big relief. According to the new rules, pension holders can now withdraw their pension from any bank in the country without needing any extra verification.

6. E-Way Bill Restrictions:

E-Way Bills (EWBs) can only be created for documents that are no older than 180 days. Make sure your invoicing and logistics follow this 180-day rule, set up reminders for EWBs, and coordinate with the supply chain team to manage inventory.