More tolls? Less credit card benefits? New tax rules? Check here for the full deal

Here are some of the key changes that are kicking in from today: 

Income Tax Changes 

•           The new tax regime slabs announced in Budget 2025 are now effective. Individuals earning up to ₹12 lakh annually are exempt from income tax under this regime. With a standard deduction of ₹75,000 for salaried employees, income up to ₹12.75 lakh becomes tax-free.

•           The rebate under Section 87A has increased from ₹25,000 to ₹60,000, further supporting the tax exemption for incomes up to ₹12 lakh.

•           These changes aim to simplify the tax structure and provide relief to the middle class.

Unified Payments Interface (UPI) Rules 

•           The National Payments Corporation of India (NPCI) has introduced guidelines to enhance UPI security and efficiency. Banks and payment service providers (PSPs) like PhonePe, Google Pay, and Paytm must update mobile number records weekly using the Mobile Number Revocation List/Digital Intelligence Platform (MNRL/DIP).

•           UPI IDs linked to inactive or dormant mobile numbers (unused for 12 months) will be deactivated to prevent fraud and errors due to recycled numbers. Users must ensure their registered mobile numbers remain active to continue using UPI services.

Goods and Services Tax (GST) Updates 

•           Multi-Factor Authentication (MFA) is now mandatory for taxpayers logging into the GST portal, enhancing security.

•           E-Way Bills can only be generated for base documents not older than 180 days, aiming to streamline logistics and curb fraud.

•           The Input Service Distributor (ISD) system is implemented to ensure equitable tax revenue distribution among states, benefiting businesses in managing tax liabilities.

Banking Regulations 

•           Major banks like State Bank of India (SBI), Punjab National Bank (PNB), and Canara Bank have revised minimum balance requirements, varying by location (urban, semi-urban, rural). Penalties will apply for non-compliance.

•           ATM withdrawal rules have changed, reducing free withdrawals at other banks’ ATMs to three per month in some cases. Charges may increase for additional transactions.

•           The Positive Pay System (PPS) is introduced for cheque payments above ₹5,000, requiring verification of cheque details (number, date, beneficiary, amount) to prevent fraud.

•           Credit card benefits are being revised by banks like SBI and IDFC First Bank, with reductions in rewards (e.g., Swiggy rewards on SBI SimplyCLICK card reduced, Air India signature points cut from 30 to 10).

Unified Pension Scheme (UPS) 

•           Launched in August 2024, the UPS takes effect today, benefiting around 23 lakh central government employees. Those with at least 25 years of service will receive a pension equal to 50% of their average basic pay over the last 12 months, ensuring post-retirement financial security.

LPG Cylinder Prices 

•           Oil and gas companies may revise LPG cylinder prices today, as is customary on the first of each month. While no specific changes are confirmed, adjustments to 14 kg domestic and 19 kg commercial cylinder prices are anticipated, with hopes of relief for households.

Highway Tolls

•           Yes, highway tolls are increasing across India starting today, April 1, 2025. The National Highways Authority of India (NHAI) has implemented a toll tax hike effective from midnight on March 31, 2025, impacting highways and expressways nationwide. This adjustment, the second within a year following a previous increase in June 2024

•           Trips for private cars could go up by at least Rs 5-10 and for larger commercial vehicles by much larger amounts.