New Delhi: A number of new financial regulations will either be implemented or eliminated in May. All of these changes must be adhered to starting today, May 1, 2023. Changes in the GST regulations and ATM transactions have a direct influence on your financial situation.
GST Rules Changed
The Invoice Registration Portal will require businesses with a revenue of at least Rs 100 crore to upload their electronic invoices. Beginning on May 1, 2023, these companies will be required to upload their electronic invoices to IRP within seven days of the invoice’s issuance, according the new regulations. The registration of the invoice is now unlimited. The government has decided to set a deadline for reporting outdated invoices on the e-invoice IRP portals, the GST Network also stated in its warning. This new modification, nevertheless, was only applicable to companies having a combined yearly revenue of at least Rs 100 crore.
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Mutual Fund Rules Changed
Mutual fund companies have been requested by the Securities & Markets Regulator India (SEBI) to make sure that investors only purchase mutual funds through e-wallets that require KYC. The start date for this regulation is May 1, 2023. This means that if you haven’t finished the KYC process for your e-wallet as an investor, you won’t be allowed to invest in mutual funds using it.
Punjab National Bank will now charge fine
If an ATM transaction fails due to insufficient funds, Punjab National Bank customers will be assessed a fine of Rs. 10 plus GST starting on May 1, 2023.
Changes in LPG price
The Centre updates the cost of commercial LPG cylinders every month. According to reports cited by news agency ANI, state-run oil marketing corporations have reduced the cost of a commercial LPG cylinder by Rs 171.50 per unit. 91.50 rupees were taken off the cost of a 19 kilogramme commercial cylinder last month by the government. The Delhi commercial cylinder was then priced at Rs 2,028. However, the cost of domestic cylinders remained unchanged.
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