Financial Rules Changed: As of March 1, 2024, several financial changes are set to take effect in India, impacting banking customers, tax implications, and financial decisions. Notable changes involve Paytm Payments Bank, SBI credit card users, FASTag users, and more. The Reserve Bank of India (RBI) has mandated Paytm Payments Bank customers to transfer their assets to another bank by March 15, preventing further transactions in their Paytm accounts post this deadline.
SBI credit card users will witness changes in the minimum amount due (MAD) calculation process from March 15, streamlining the calculation components. The National Highway Authority of India (NHAI) has extended the KYC update deadline for FASTag accounts until the end of March 2024. Taxpayers are reminded to pay the fourth installment of advance tax by March 15, with penalties applicable for missed deadlines. Additionally, new GST regulations require businesses with an annual turnover exceeding ₹5 crore to generate an e-invoice for all B2B transactions to issue an e-bill.
Paytm Payments Bank Deadline and SBI Credit Card MAD Calculation Changes
With the RBI’s directive, Paytm Payments Bank customers need to transition their assets to another bank by March 15, marking a crucial deadline for account activities. Simultaneously, SBI credit card users will experience changes in the MAD calculation process, incorporating various components for a more transparent and comprehensive assessment of due amounts.
FASTag KYC Update and Fourth Advance Tax Installment Due
NHAI’s extension of the KYC update deadline for FASTag accounts until March-end provides users additional time to ensure compliance. On the taxation front, March 15 is the deadline for taxpayers to fulfill the fourth installment of advance tax obligations, emphasizing the importance of timely payments to avoid penal interest.
New GST Regulations Impacting Businesses
Businesses generating an annual turnover exceeding ₹5 crore face new GST rules compelling them to generate an e-invoice for all B2B transactions, a prerequisite for issuing e-bills. This regulation aims to enhance transparency and compliance in large-scale business transactions.
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