March 2024 is set to bring in a wave of new rules and updates that will impact various sectors, from businesses to road travellers. Stay informed about these changes to ensure a smooth transition into the new financial year.
Here is a list of some crucial new rules coming into effect from March 2024 that will have financial impact on all of us.
GST Rule Changes: Effective March 1, 2024
Businesses with a turnover exceeding ₹5 crore will see a significant change in GST rules. As a new rule under GST, E-way bills for inter-state goods transportation, valued above ₹50,000, will now require inclusion of e-invoice details for all Business-to-Business (B2B) transactions.
FASTag KYC Deadline: February 29, 2024
For those gearing up for road trips, under the new rule of NHAI, it’s essential to complete your Know Your Customer (KYC) for FASTags by February 29. The National Highways Authority of India (NHAI) has mandated this to ensure that each vehicle has only one valid FASTag affixed.
Bank Holidays in March 2024
Be aware of the bank holiday schedule for March 2024. Public and private sector banks will remain closed for a total of 12 days, including the usual weekends. Notable dates include March 11 and 25 (second and fourth Saturdays) along with Sundays on March 5, 12, 19, and 26.
SBI Credit Card Update: Effective March 15, 2024
State Bank of India (SBI) credit card users should take note of the new rule of SBI in the Minimum Day Bill Calculation process. Starting from March 15, SBI is implementing this update and has already communicated the details to all its customers via email.
Paytm Payment Restrictions: After March 15, 2024
One of the significant developments post-March 15 is the impact on Paytm Payments. Following Reserve Bank of India (RBI) directives, Paytm Payments Bank is halting the onboarding of new customers. Originally set for February 29, the deadline has now been extended to March 15. This change is noteworthy considering Paytm’s position as a leading payments platform.
Stay informed and prepared for these changes as March 2024 unfolds. Whether it’s updating your FASTag KYC, adjusting to new GST regulations, or understanding shifts in credit card billing processes, being proactive ensures a hassle-free transition into the new financial landscape.
By aligning with these updates, you’ll be ready for the changes coming in March 2024. Keep your FASTag KYC updated, understand the new GST rules, stay updated with SBI credit card changes, and be aware of Paytm’s evolving situation. Stay ahead of the curve for a smooth transition into the new financial year.
To Access the Clarification of GSTN on Instances of Delay in Registration Despite Successful Aadhar Authentication CLICK HERE
Read More
GST Scam: Prime Suspect in Rs 10,000 Crore GST Fraud is Arrested from Delhi
Allahabad High Court: GST & CE Superintendent has no Jurisdiction to Pass Order Exceeding Rs 10 Lakh