From UPI, Income Tax To LPG Prices & Highway Tolls: Big Changes That'll Impact You From Today
From today, April 1, 2025, several key financial rule changes will come into effect, impacting households, taxpayers, UPI users, credit card holders, and pensioners
From April 1, 2025, several key financial rule changes will come into effect, impacting taxpayers, UPI users, credit card holders, and pensioners across India. As the financial year 2025-26 begins, new regulations related to income tax, credit cards, UPI security, GST compliance, and banking will shape personal finance decisions.
LPG Rates
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The oil marketing companies have revised the prices of commercial LPG gas cylinders. The rate of a 19 kg commercial LPG gas cylinder has been reduced by Rs 41 from Tuesday, April 1. In Delhi, the retail sale price of a 19 kg commercial LPG cylinder will now be Rs 1,762 (from Rs 1,803), while in Mumbai, the price will be Rs 1,714.50 (from Rs 1,755.50).
The much-needed relief comes after the government raised the LPG cylinder prices in March by Rs 6 following a Rs 7 cut in February. The never-ending fluctuations are attributed to the volatility of the international energy market.
Income Tax Rule Change
The Union Budget 2025 introduced revised income tax slabs and deductions, which will now be implemented. Under the new tax regime, individuals earning up to Rs 12 lakh per year will be exempt from paying income tax. Additionally, salaried individuals will benefit from a standard deduction of Rs 75,000, making annual incomes up to Rs 12.75 lakh tax-free. The new tax structure aims to provide relief to middle-class taxpayers while encouraging more people to transition to the new regime.
UPI Regulations To Change
Changes in UPI regulations will also take effect. The National Payments Corporation of India (NPCI) has mandated that UPI transactions from inactive mobile numbers will no longer be permitted. To enhance security, banks and third-party UPI apps such as PhonePe and Google Pay have been instructed to phase out UPI accounts linked to mobile numbers that have remained unused for an extended period. Users must update their UPI-linked mobile numbers with their respective banks before April 1 to avoid disruptions in digital transactions.
Credit Card Rule Change
Credit card holders will witness modifications in their reward points and benefits. SBI SimplyCLICK and Air India SBI Platinum Credit Card users will experience adjustments in reward structures. Meanwhile, Axis Bank will revise the benefits of its Vistara Credit Card following the airline’s merger with Air India, potentially altering its perks and travel advantages for customers.
Debit Card Changes
Starting today, April 1, customers holding a RuPay Debit Select Card will benefit from a range of new features introduced by the National Payments Corporation of India. These features include spa sessions, personal accident insurance, golf lessons, access to both domestic and international airport lounges, OTT subscriptions, complimentary gym memberships, health check-ups, and cab vouchers, among other benefits.
Implementation of the Unified Pension Scheme
Another significant financial shift will be the implementation of the Unified Pension Scheme (UPS), replacing the old pension system. The UPS, which was introduced in August 2024, will officially come into effect from April 1, 2025. This change will impact approximately 23 lakh central government employees, ensuring that those with at least 25 years of service receive a pension equivalent to 50 per cent of their last 12 months’ average basic salary.
GST Rules To Change
The Goods and Services Tax (GST) framework will also undergo modifications. A new security feature, Multi-Factor Authentication (MFA), will become mandatory for taxpayers accessing the GST portal. Furthermore, E-Way Bills (EWB) 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 Requirement
In the banking sector, major lenders such as SBI, Punjab National Bank, and Canara Bank will update their minimum balance requirements. Customers who fail to maintain the revised minimum balance will face penalties as per the new banking guidelines.
As these financial changes take effect from April 1, it is crucial for individuals to stay informed and take necessary actions to comply with the new rules. From tax adjustments to banking updates, these reforms will influence financial planning for the upcoming fiscal year.
NHAI Toll Revision
Planning a quick getaway for the long weekend? Take note of this update. Starting today, new toll rates on major highways will be in effect, potentially adding extra costs to your travel. Toll charges will increase by at least Rs 5 and could go up to Rs 10, as per recent reports. This change will also impact fares for public transport and other travel modes. Key routes in Uttar Pradesh, such as Lucknow-Kanpur, Varanasi-Gorakhpur, and Lucknow-Ayodhya, will experience these hikes. Additionally, the NHAI is set to announce new toll rates for Delhi-NCR, Maharashtra, West Bengal, Karnataka, and other states on April 1.
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