Delhi, December 27: As the new year 2025 approaches, several nationwide changes will come into force starting January 1, 2025. These modifications, spanning LPG prices, GST compliance, UPI payment systems, and visa procedures, are expected to impact households, professionals, travelers, and the middle class.

Here’s a glimpse into the most significant changes to watch out for:

LPG Prices Likely to Increase

LPG prices are expected to rise due to increasing crude oil costs, currently at USD 73.58 per barrel. Domestic cylinder prices in Delhi have been steady at INR 803 for months, while commercial cylinder rates have seen consistent hikes. Oil marketing companies will review prices on January 1, potentially affecting household budgets. LPG Price Hike: Commercial LPG Gas Cylinder Price Increased by INR 16.50, Check Prices in Delhi, Other Cities.

Car Prices Set to Rise

Car manufacturers, including Maruti Suzuki, Tata Motors, Hyundai, Mahindra, and luxury brands like Mercedes-Benz, plan to increase vehicle prices by 2–4%. Rising production costs, higher freight charges, and forex fluctuations are driving this hike. Vehicle purchases will become costlier, impacting both middle-class buyers and luxury car enthusiasts.

Fixed Deposit Rules to Change

New RBI rules will come into effect for Fixed Deposits (FDs) held with Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs). These changes aim to enhance public deposit safety, and customers are advised to review their investment terms carefully. US Visa for Indian: America Opens Additional 250,000 Visa Appointments for Indian Travellers, Including Tourists, Skilled Workers and Students.

Stricter GST Compliance Rules

Starting January 2025, taxpayers will face mandatory Multi-Factor Authentication (MFA) when accessing GST portals. Initially applicable to businesses with Annual Aggregate Turnover (AATO) exceeding INR 200 million, MFA will now gradually include all taxpayers. This measure enhances security and reduces fraud risks.

UPI 123Pay Transaction Limit Doubles

The transaction limit for UPI 123Pay, designed for feature phone users without internet access, will increase from INR 5,000 to INR 10,000. This change offers greater flexibility and financial inclusivity for underserved communities.

Thailand E-Visa System Expansion

Thailand will introduce a new e-Visa system allowing travelers from any country to apply online. This change simplifies the visa application process, benefiting Indian travelers who frequently visit Thailand for holidays.

US Visa Relief for Indians

The US Embassy in India will allow non-immigrant visa applicants to reschedule appointments once without additional fees. From January 17, H-1B visa rules will also undergo an overhaul, improving flexibility for employers and F-1 visa holders. However, wait times for B1/B2 visas remain high.

New Telecommunications Rules

The Telecommunications (Right of Way) Rules, 2024, effective January 1, 2025, will regulate the installation and maintenance of underground communication infrastructure. This will enable telecom companies like Jio, Airtel, and Vodafone to expand and improve their services.

These changes are poised to impact various aspects of daily life, underscoring the need for individuals and businesses to prepare accordingly.

(The above story first appeared on LatestLY on Dec 27, 2024 08:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).