THE NEWS DOSE BUSINESS DESK

July1,2025,UPDATED:4.10PM

As the second half of the year begins, July 1 brings several key regulatory, financial, and policy changes that affect daily life, especially for salaried individuals, small businesses, pensioners, and commuters. Here’s a summary of the major changes effective from July 1 and how they impact the common man:

1. Mandatory Linking of PAN with Aadhaar – Penalty Begins

Impact: ₹1,000 fine and deactivation
Individuals who failed to link their PAN (Permanent Account Number) with Aadhaar by the extended deadline of June 30 will now face penalties and possible deactivation of their PAN card.

What it means:

• PAN will become inoperative for tax filings, bank transactions, and investments.

• Affected individuals may not be able to file ITR or receive refunds.

• ₹1,000 late fee to reactivate PAN.

✅ Advice: Immediately complete the linking via the Income Tax portal to avoid inconvenience.

2. GST at 8: A Reminder and Revised Rules

Impact: Businesses, especially small traders and online sellers
The 8th anniversary of GST also brings in some compliance changes and clarifications:

• New norms for GST registration verification using biometric authentication (initial rollout in select states).

• E-invoicing threshold lowered for certain businesses (from ₹10 crore to ₹5 crore turnover).

What it means:

• Greater compliance for small and medium businesses.

• Risk of penalty if GST invoices are not compliant with new norms.

✅ Advice: Traders and shopkeepers should consult tax professionals to avoid penalties.

3. Old Vehicles Banned from Fuel Supply in Delhi

Impact: Vehicle owners in Delhi
From July 1, Delhi has enforced a ban on fuel supply to:

• Petrol vehicles older than 15 years

• Diesel vehicles older than 10 years

What it means:

• Such vehicles cannot get petrol/diesel at pumps.

• Non-compliant vehicles may be impounded.

• Public transport, middle-class families, and delivery agents using old two-wheelers face disruption.

✅ Advice: Check vehicle RC age online; consider scrapping or migrating to CNG/electric alternatives.

4. Bank Locker Rules Update

Impact: Bank customers using lockers
The RBI’s revised guidelines on safe deposit lockers are now fully in force. Key updates:

• Banks must ensure stricter surveillance and grievance redress.

• Revised locker agreements must be signed; failing which locker access could be frozen.

✅ Advice: Visit your bank to sign the updated agreement if you haven’t already.

5. Changes in Small Savings Schemes’ Interest Rates

Impact: Pensioners, savers, and middle-class investors
The Finance Ministry has revised interest rates on some post office schemes and small savings instruments from July 1.

• Senior Citizen Saving Scheme (SCSS) and NSC may see marginal hikes.

• No change likely in PPF or Sukanya Samriddhi Yojana.

What it means:

• Safer returns for conservative investors.

• Helpful for retirees and fixed-income households.

✅ Advice: Rebalance your savings to benefit from revised rates.

6. ITR Filing Deadline Nears

Impact: Salaried individuals, professionals, small businesses
While not a July 1 change per se, it marks the final month before the Income Tax Return (ITR) filing deadline of July 31 (for non-audit cases).

What it means:

• Late filing will attract ₹5,000 penalty plus interest on dues.

• Delays may impact loan approvals, TDS refunds, and visa processing.

✅ Advice: File early to avoid last-minute technical glitches.

7. Hike in LPG Cylinder Prices (Possible State-Wise Adjustments)

Impact: Urban households and domestic consumers
Though the government hasn’t made a major national announcement, oil companies often revise LPG prices on the 1st of every month. Some states may see:

• A ₹25–50 increase in non-subsidized LPG cylinders.

✅ Advice: Book refills in advance; check for Ujjwala scheme benefits or subsidies in your state.

Conclusion: A Mixed Bag for the Common Man

While some of these changes—like higher interest rates on small savings—offer financial relief, others such as stricter PAN-Aadhaar enforcement, vehicle fuel bans in Delhi, and rising compliance for small businesses, may cause temporary disruption. Awareness and timely action are key to avoiding penalties and making the most of the new rules.