Latest news with #GST
Mint
4 hours ago
- Business
- Mint
Aadhaar-PAN, Tatkal tickets, UPI chargeback & more: New money rules in July 2025 you need to know
Money rule changes from July 2025: A set of financial rules will be implemented from July 2025 onwards, which is likely to affect individuals and businesses across India. The revised UPI chargeback rules, new Tatkal train ticket booking norms, and the requirement to have Aadhar to apply for a PAN card are some of the money rules and initiatives that will be implemented from July 2025 onwards. Check out the important money rule changes starting July 2025 that all individuals and businesses must know: National Payment Corporation of India (NPCI) recently announced changes to UPI chargeback rules, with the aim of simplifying the process. As per the present system, when a chargeback request is denied, mostly due to numerous claims, even in legitimate cases, the bank is required to contact NPCI to whitelist the case through the UPI Reference Complaints System (URCS). According to the announcement on June 20, 2025, NPCI's intervention will no longer be required in such instances. Financial institutions may directly classify authentic declined chargebacks as eligible for reprocessing without awaiting approval from NPCI. Aadhaar card will become mandatory to apply for a new PAN card from July 1, 2025, onwards. Earlier, any valid ID card and a birth certificate were required to apply for a PAN card. However, from July 1, 2025 Aadhaar verification will become a necessary step, according to the Central Board of Direct Taxes (CBDT). From July 2025, several Tatkal ticket booking rules will come into effect. Aadhaar verification will become mandatory for Tatkal train tickets through the website of IRCTC or its mobile app from July 1, 2025, onwards. One-time password (OTP) will be necessary for Tatkal train ticket bookings from July 15 onwards, which means that customers will receive a code on their devices while booking the tickets. OTP authentication will be needed for Tatkal tickets booked at computerised Passenger Reservation System (PRS) counters as well. Indian Railways has introduced a time restriction for authorised ticketing agents, where they cannot book Tatkal tickets within the first 30 minutes after the booking window opens. The restriction window for AC-class Tatkal tickets is from 10:00 am to 10:30 am, and for non-AC-class Tatkal tickets, it is from 11:00 am to 11:30 am. The Goods and Services Tax Network (GSTN) on June 7, 2025 announced that the monthly GST payment form GSTR-3B will become non-editable from July 2025 onwards. Additionally, taxpayers will not be allowed to file their GST returns after the expiry of a period of three years from the due date, GSTN stated. The impacted forms consist of GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, and GSTR-9. HDFC Bank has announced new credit card fees and updates to its rewards program, which will take effect on July 1. These changes include a 1% fee on monthly spends of more than ₹ 10,000, utility bill payments of more than ₹ 50,000, online gaming transactions of over ₹ 10,000, rent payments, fuel payments of ₹ 15,000, and education-related payments made via third-party apps. These charges are capped at ₹ 4,999. Additionally, no reward points will be available for online skill-based gaming transactions, monthly limit on insurance reward points.
The Star
5 hours ago
- Business
- The Star
Are we ready to pay for GST?
The chicken and egg question when it comes to taxation is when will the goods and services tax (GST) make a return? The push back on GST not being reintroduced is that it is a burden on the poor and low-income groups. Billed as RM9.73 for the 1st month then RM13.90 thereafters. RM12.33/month RM8.63/month Billed as RM103.60 for the 1st year then RM148 thereafters. Free Trial For new subscribers only
India Gazette
7 hours ago
- Health
- India Gazette
Insurance Awareness Day: Experts say it's time to simplify and educate to improve health insurance penetration
By Nikhil Dedha New Delhi [India], June 28 (ANI): On the occasion of Insurance Awareness Day, several insurance providers and experts in an exclusive conversation with ANI shared their insights on the challenges facing the insurance sector in India, especially in critical segments like health and life insurance. The experts also offered suggestions to bridge the awareness and adoption gap. One of the key challenges highlighted by industry leaders is the low insurance penetration in health and life segments, despite the growing need. Health insurance, in particular, continues to be seen as optional by many, unlike motor insurance which is mandatory. The lack of awareness, limited financial literacy, and cultural mindset that 'I won't fall sick' contribute to low adoption. Additionally, complex terms like 'waiting period' or 'co-pay' confuse first-time buyers, further discouraging them from purchasing policies. Saurabh Vijayvergia, Founder & CEO of CoverSure, pointed out that insurance often fails to feel practical or personal to the customer. He said, 'People may own a policy, but often have little clarity on what it actually covers, how to claim, or whether it even meets their real needs. The challenge isn't just about affordability, it's about whether insurance is designed to genuinely serve and support the buyer. To drive real adoption, we need to reimagine insurance with the customer at its core.' According to Quickinsure, an online insurance comparison portal, while awareness has improved in urban areas, there's still a long way to go in Tier 2 and Tier 3 cities, and rural regions. They highlighted that only about 37 per cent of Indians have any form of health cover. Quickinsure said in a statement, 'Most importantly, product simplification and transparent communication remain critical; we need to make insurance easier to understand and more relevant to people's everyday lives.' It also noted that affordability, lack of trust due to past claim issues, and complex product structures continue to act as barriers. The role of the government in driving insurance awareness was also discussed. While initiatives like IRDAI's Consumer Education Website and Ayushman Bharat are steps in the right direction, experts believe more targeted and localised efforts are required. Vijayvergia of CoverSure suggested that awareness campaigns must be 'hyper-local, involve families, and treat insurance literacy much like a public-health drive.' Quickinsure added that public-private partnerships, school programmes, and NGOs can play a major role in spreading awareness from the ground up. Experts also stressed that the industry needs to address internal inefficiencies before seeking policy changes like GST waivers. A significant concern is that over 30 per cent of health insurance premiums are taken up by distribution and administrative overheads, which do not add direct value for policyholders. Private players also see an opportunity to close the awareness gap through simpler products and better engagement. Quickinsure emphasised simplifying how insurance is explained, using regional languages, relatable examples, and visual formats. They also stressed the importance of post-sale support, particularly during the claims process, to build lasting trust. Overall, industry leaders agree that insurance will only become widely adopted when it is easy to understand, accessible, and designed to fit into real lives. Awareness, affordability, and trust are at the heart of increasing penetration. (ANI)
Mint
9 hours ago
- Business
- Mint
Insurance Awareness Day: Experts say its time to simplify and educate to improve health insurance penetration
New Delhi [India], June 28 (ANI): On the occasion of Insurance Awareness Day, several insurance providers and experts in an exclusive conversation with ANI shared their insights on the challenges facing the insurance sector in India, especially in critical segments like health and life insurance. The experts also offered suggestions to bridge the awareness and adoption gap. One of the key challenges highlighted by industry leaders is the low insurance penetration in health and life segments, despite the growing need. Health insurance, in particular, continues to be seen as optional by many, unlike motor insurance which is mandatory. The lack of awareness, limited financial literacy, and cultural mindset that "I won't fall sick" contribute to low adoption. Additionally, complex terms like "waiting period" or "co-pay" confuse first-time buyers, further discouraging them from purchasing policies. Saurabh Vijayvergia, Founder & CEO of CoverSure, pointed out that insurance often fails to feel practical or personal to the customer. He said, "People may own a policy, but often have little clarity on what it actually covers, how to claim, or whether it even meets their real needs. The challenge isn't just about affordability, it's about whether insurance is designed to genuinely serve and support the buyer. To drive real adoption, we need to reimagine insurance with the customer at its core." According to Quickinsure, an online insurance comparison portal, while awareness has improved in urban areas, there's still a long way to go in Tier 2 and Tier 3 cities, and rural regions. They highlighted that only about 37 per cent of Indians have any form of health cover. Quickinsure said in a statement, "Most importantly, product simplification and transparent communication remain critical; we need to make insurance easier to understand and more relevant to people's everyday lives." It also noted that affordability, lack of trust due to past claim issues, and complex product structures continue to act as barriers. The role of the government in driving insurance awareness was also discussed. While initiatives like IRDAI's Consumer Education Website and Ayushman Bharat are steps in the right direction, experts believe more targeted and localised efforts are required. Vijayvergia of CoverSure suggested that awareness campaigns must be "hyper-local, involve families, and treat insurance literacy much like a public-health drive." Quickinsure added that public-private partnerships, school programmes, and NGOs can play a major role in spreading awareness from the ground up. Experts also stressed that the industry needs to address internal inefficiencies before seeking policy changes like GST waivers. A significant concern is that over 30 per cent of health insurance premiums are taken up by distribution and administrative overheads, which do not add direct value for policyholders. Private players also see an opportunity to close the awareness gap through simpler products and better engagement. Quickinsure emphasised simplifying how insurance is explained, using regional languages, relatable examples, and visual formats. They also stressed the importance of post-sale support, particularly during the claims process, to build lasting trust. Overall, industry leaders agree that insurance will only become widely adopted when it is easy to understand, accessible, and designed to fit into real lives. Awareness, affordability, and trust are at the heart of increasing penetration. (ANI)
The Star
11 hours ago
- Business
- The Star
Dr Wee: Review expanded SST
PETALING JAYA: Apart from a longer list of goods taxable under the expanded Sales and Services Tax (SST), another major concern of the people is the tax on raw materials and machinery, says Datuk Seri Dr Wee Ka Siong (pic). The MCA president said this will then set off a wave of price increases down the line, causing more pressure on the people. 'The SST brings a cascading effect because the raw materials and machinery will also be taxed after this. 'This silent inflation wave will surely be felt by all levels of society throughout the coming months,' said the Ayer Hitam MP in a Facebook video yesterday. He pointed out that back in 2018, more than 8,000 items were exempted from the SST. Under the expanded tax scheme set to take effect on July 1, the list has been significantly shrunk to only around 1,000 items, he said. He added that the expanded SST will not only apply to wellness and beauty-related services, it will also be applied to traditional products such as red dates, black fungus, dried longan and snow fungus. He stressed that many industries including rubber, plastics, medicine and oil palm, and the manufacturing sector have voiced their concerns about the expanded scheme as about 97% of goods in the market will be taxed. 'While we welcome the government's U-turn on the tax for imported fruits, it is not enough. 'The real issue and danger lies in the taxation of raw materials and industrial machinery,' he said. 'Politics aside, the people's welfare should be prioritised. It is better for the government to review the scheme or scrap it altogether,' he said, adding that the SST rate had already increased (from 6% to 8%) on March 1, last year. Dr Wee added that it was unfortunate that the expanded SST will start on July 1, the same day that the base electricity tariff and Port Klang tariffs are set to increase. 'The obvious solution for the government is still the GST, which is a fairer and more transparent taxation system. 'The main difference between both systems is that the GST taxes the end user – you use more, you pay more – while the SST taxes all levels of the supply chain and the end user has to pay a far higher price in the end,' he said. 'The GST ensures the stability and strength of the country while the SST will further burden the people and give businesses an excuse to raise prices,' he stressed. In announcing the expanded SST, the Finance Ministry said the measure is to strengthen the country's fiscal position by increasing revenue and broadening the tax base.
