New financial changes are lined up to come into effect across the country from March 1, 2024. From Paytm Payments Bank to GST regulations, these changes will significantly impact tax implications and financial decisions for nearly all banking customers.
These financial changes are coming into effect from the beginning of this month and are majorly linked to Paytm Payments Bank, SBI Credit Card users, and FASTag users. It is also the final month that marks the final opportunity for citizens to make investment decisions based on financial changes for tax savings purposes.
Top 5 Financial Changes
Here are the 5 major changes that are coming into effect from March 2024:
Paytm Payments Bank
The Reserve Bank of India (RBI) has mandated that all customers of Paytm Payments Bank transfer their assets to another bank by March 15. Beyond this deadline, depositing money or conducting credit transactions into Paytm bank accounts will not be possible.
SBI credit card
The State Bank of India has declared a modification in the calculation process for the minimum amount due (MAD) on its credit cards, starting from March 15. In an email to its customers, SBI detailed the MAD calculation as the sum of total GST, EMI amount, 100 percent of Fees/Charges, 5 percent of Finance Charge (if applicable) plus Retail Spends and Cash Advance (if any), and Overlimit Amount (if any).
New GST regulations
As per the newly established GST regulations, businesses with an annual turnover exceeding ₹5 crore are obligated to generate an e-invoice for all their B2B transactions before they can produce an e-bill.
FASTag KYC
The National Highway Authority of India (NHAI) has extended the deadline for updating the KYC details on FASTag accounts until the end of March 2024 in a bid to streamline the process. If failed to update the details, it will result in the FASTag account being deemed invalid post-deadline.
Fourth advance tax installment
All taxpayers are required to submit the fourth installment of their advance tax by March 15. The failure to meet this deadline will result in the taxpayer incurring penal interest on the outstanding taxes, as per section 234C, at a rate of 1 percent per month or part thereof.