New Rules Affecting GST, Mutual Funds, and Telecom Services Coming into Effect on November 1

New Delhi, October 31 (Daily Kiran) : As the month of November approaches, several new regulations are set to take effect in India, impacting consumers’ finances directly. These changes involve mutual funds, GST, and pension schemes.

A significant shift in mutual fund schemes will occur on November 1. From this date, all asset management companies (AMCs) are required to make direct plans the default option on digital platforms. If a customer chooses a regular plan, AMCs must inform them about the higher expense ratios associated with this option.

Pensioners under the age of 80 can submit their annual age certificates between November 1 and 30. For those over 80, this process has already been available since October 1. Pensioners can submit their certificates physically at bank branches or digitally using Aadhaar-based authentication and facial recognition.

The Pension Fund Regulatory and Development Authority (PFRDA) has introduced a new feature for subscribers of the Unified Pension Scheme (UPS). Eligible pensioners must submit their annual life certificates via the Protein e-Gov app by November 30.

The Department of Telecommunications (DoT) has mandated that all telecom operators implement the Calling Name Presentation (CNAP) service starting November 1. This service will allow users to see both the name and number of incoming callers, making it easier to identify who is calling.

Additionally, significant changes to the Goods and Services Tax (GST) will be implemented on November 1. These modifications include revisions to post-supply discounts, credit notes, and GST refunds. Notably, the revised conditions will exclude eligible post-sale discounts from taxable values, requiring the reversal of related input tax credits.

These updates also address refund provisions for businesses facing inverted duty structures.