Five rules changing from November 1: GST, caller name display, mutual funds, LPG and life certificates

Some rules on money matters change on the first of every month, and several are due to change with the start of November. The GST Council has taken new steps to simplify return filing and the refund process. This is expected to spare traders the trouble of tax notices and refunds. Several other rules are also changing.

First, GST. The GST Council has recommended a number of reforms that need no change in law and can be implemented from November 1. Some legal changes, however, are reported to take effect from April 1, 2027. On November 1, the Finance Ministry will put the draft forms for GSTR-1, GSTR-1A and the Invoice Furnishing Facility on the myGov portal for public comment. The revised forms are planned to come into force from April 1, 2027. The process of automatically approving eligible GST refunds is expected to begin after November 1.

The second change concerns phone calls. The Department of Telecommunications has made it mandatory for all telecom companies to roll out the Calling Name Presentation service by November 1, 2026. Mobile users who avail of the service will see both the name and the number of the caller on incoming calls. This will make calls easier to identify, and the main aim is to improve accuracy and security. Under this initiative, telecom companies have already trialled the service on 4G and later technologies.

The third change is in mutual funds. From November 1, SEBI is to make direct mutual fund schemes the default option on the digital platforms of asset management companies (AMCs), a major change. If an investor chooses a regular plan, they will first be told about its higher expense ratio. As part of an effort to simplify rules, SEBI is also reviewing the listing and disclosure norms.

The fourth matter is the price of LPG cylinders. State-owned oil companies review LPG cylinder rates on the first of every month. Crude oil prices have risen considerably of late, so the price of the 19-kg commercial cylinder, which was raised on September 1, could change. It currently costs Rs 2,810 in Delhi, while an unsubsidised domestic cylinder costs Rs 942.

The fifth change is for pensioners, who must submit a life certificate every year. Pensioners below 80 years of age can submit their life certificate from November 1. The last date is usually November 30. If it is not submitted, the pension can be stopped indefinitely. Once the certificate is submitted, the pension is resumed. The life certificate can also be submitted from home using a mobile phone.