New Financial Rules Effective July 1, 2025

New Financial Rules came into effect on July 1, 2025, and they’re already reshaping how individuals and businesses manage their taxes, banking, and compliance.

While some of these changes offer extended deadlines and better systems, others impose stricter limits and penalties. Therefore, understanding these updates isn’t optional anymore, it’s essential.

  GST Return Filing Now Has a 3-Year Deadline

To begin with, the government has imposed a strict 3-year cutoff on filing several GST returns.This Includes.
– GSTR-1 (outward supplies)
– GSTR-3B (monthly summary)
– GSTR-4 (composition taxpayers – yes, this is annual)
– GSTR-6, 7, and 8
– GSTR-9 and 9C (annual returns)

Earlier, there was more flexibility in late filing. But now, if you don’t file within 3 years, the system will block the return permanently. No filing. No corrections. Not even amendments.

 Missed previous years? File your pending GST returns today to avoid long-term non-compliance.

 Two e-Way Bill Portals for Better Load Management

In another significant move, a second e-way bill portal has been launched: ewaybill2.gst.gov.in.

Why? To prevent server crashes and delays during peak filing hours. Now, both portals will run in sync and update data in real-time.

This is especially useful for businesses handling heavy logistics or frequent interstate movement of goods.

 Tip: Use the second portal if the first one slows down.

 ITR Filing Deadline Extended to September 15, 2025

Previously, individuals and businesses had until July 31 to file their Income Tax Returns. However, for AY 2025–26, the government has extended the deadline to September 15.

This extension provides much-needed breathing room especially for those waiting for Form 16 or dealing with reconciliations.

However, it comes with a catch. If your advance tax wasn’t paid by the due date, you’ll still be liable to pay interest under Section 234A.

 Aadhaar Now Mandatory for PAN Applications

From now on, anyone applying for a new PAN must provide Aadhaar at the time of application.

In addition, all PANs issued after October 1, 2024, must be linked to Aadhaar by December 31, 2025. Otherwise, the PAN will become inoperative, impacting ITR filings, bank KYC, and more.

This makes Aadhaar linkage not just important, but non-negotiable.

 Don’t take chances. Link your PAN with Aadhaar now.

 Banking Charges Get a Reset

Starting July 1, banks have begun revising their fee structures for the following:
– ATM withdrawals
– IMPS and NEFT transfers
– Branch transactions

These charges will vary by bank and account type. Some fees may now apply where they didn’t before. So, if you use a basic savings account or transact frequently, you might be affected the most.

We recommend reviewing your bank’s new terms immediately. Check your bank’s fee notification or talk to your relationship manager.

 Aadhaar OTP is Mandatory for Tatkal Tickets

Lastly, Indian Railways now requires Aadhaar OTP authentication for booking Tatkal train tickets. This step aims to prevent ticket misuse, agent fraud, and bulk booking manipulation.

In addition, reservation charts will now be published 8 hours before train departure instead of the earlier 4 hours.

This update is expected to improve transparency and offer passengers more time to plan.

Booking last-minute? Keep your Aadhaar number handy and linked with IRCTC.