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Thursday, December 26, 2024

Key Changes From January 1 That Will Affect Your Finances And Planning

As 2024 is coming to an end in a few days, plans are already in motion for 2025 to begin. Along with the new year and new calendar, a number of important changes (Rule Changes from January 1) will go into force countrywide, affecting households, professions, travellers, and money all throughout the nation. These modifications cover a wide range of topics, including data charges, visa procedures, and GST.

Here’s a sneak peek at the major changes affecting your budget and planning beginning January 1, 2025.

Important Changes in GST Compliance

A number of key changes in GST compliance will come into effect starting from January 1, 2025, which would affect companies in India:-

1: Mandatory MFA: MFA shall become mandatory for all taxpayers. This is to make security on GST portals tighter than ever.
Preparation: Update mobile numbers for OTPs, train employees, enable MFA early, and ensure IT system compatibility.

2: E-Way Bill Restrictions: E-Way Bills (EWBs) can only be generated for base documents not older than 180 days.

Preparation: Align invoicing and logistics with the 180-day rule, automate EWB reminders, and coordinate inventory with supply chain teams.

These changes aim to streamline processes and reduce fraud.

Thailand’s e-visa system to be launched in 2025

From 1st January 2025, visitors from any country of the world would be able to apply for a Thailand e-Visa through the official website, www.thaievisa.go.th. However, the e-Visa system was earlier accessible to only those travelers coming from certain regions. But, this expansion allows applicants from any country to finish off the entire visa application procedure online. With the move, the procedure for international visitors becomes simplified while making the traveling of internationals easier in accessing Thailand. For many Indians, the travel document processing will indeed be easy now because most Indians go out to travel in Thailand with the intent of having some holiday there.

New US visa appointment rules to cut wait time, bring relief for Indians in 2025

  • US Visa Relief for Indians: Starting January 1, 2025, the US Embassy in India will allow non-immigrant visa applicants to reschedule appointments once without extra fees. Additional rescheduling will require reapplication and fee payment.
  • H-1B Visa Overhaul: Effective January 17, 2025, new DHS rules aim to modernize the H-1B process, offering flexibility for employers and better transitions for Indian F-1 visa holders.
  • But long Wait Times Persist: Visa appointment wait times in India remain high, with B1/B2 visas averaging 400+ days.

ITC Hotels demerger to come into effect from January 1, 2025

The multifaceted conglomerate ITC, based in Kolkata, has already said that once all necessary permits are obtained, the demerger of ITC Hotels will take effect on January 1, 2025.

Key Rule Changes for Jio, Airtel, Vodafone, and BSNL Users from January 1, 2025

The Department of Telecommunications released the Telecommunications (Right of Way) Rules, 2024 commonly known as RoW rules on 19 September, 2024. In effect from January 1, 2025, these regulations are established to control the construction, use, and maintenance of underground communications facilities on public property. Companies will be in a better position to boost their services with the aid of Right of Way regulations. The new regulation specifies the locations for new mobile tower installations by telecom providers such as Jio, Airtel, Vodafone, and BSNL.

WhatsApp will stop working on many Android phones running older versions of the operating system starting January 1, 2025. 

This includes popular models from brands like Samsung, LG, Sony, HTC, and Motorola. 

Here are the list of the names of the affected phones models:

  • 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

WhatsApp will no longer support these devices, therefore it’s crucial to save any data or chats you may have on them before the deadline. In order to accommodate newer features, such as Meta AI, which requires more sophisticated technology, the application regularly changes its requirements.




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