The new month i.e. March 2024 will start today. Every new month brings with it some important changes. Many important changes are going to happen in the country from March 2024 onwards. These changes will directly impact the common man. In such a situation, it is very important to have information about them. There are going to be changes related to GST, Fastag, LPG-CNG prices, and Paytm Payments Bank in March. Let us know about them.
New rules of GST
The Central Government has decided to make major changes in the rules of GST from March 01, 2024. Under this change, now traders with a turnover of more than Rs 5 crore will not be able to issue e-way bills without an e-invoice. This rule will be implemented from March 1st. From March 1, businesses with turnover above Rs 5 crore will not be able to issue e-way bills without including e-invoice details for all B2B transactions. Under the Goods and Services Tax (GST) regime, an e-way bill is required to send goods worth more than Rs 50,000 from one state to another.
There will be 12 days of holiday in the banks
There will be 12 days of holidays in public and private sector banks in March. These also include weekly holidays on Saturday and Sunday. According to the bank holiday calendar issued by the Reserve Bank of India, banks will remain closed on March 11 and 25 as they are the second and fourth Saturdays. Holi is also on 25th March. Apart from this, bank branches will remain closed on March 5, 12, 19, and 26 as they are Sundays.
Change in prices of LPG and CNG
The prices of LPG, CNG, and PNG change on the 1st of every month. However, there was no change in the prices of domestic LPG cylinders in the last months. The prices of commercial cylinders have been changed several times. It is expected that the prices of LPG cylinders may be changed from March 2024.
Fastag may become inactive if KYC is not done.
National Highway Authorities of India (NHAI) has fixed February 29 as the last date for updating the KYC of Fastag. If the KYC process of Fastag is not completed by this date, it can be deactivated and blacklisted by the National Highway Authorities of India. In such a situation, get your Fastag KYC done by 29th February, otherwise you may face problems from 1st March.
Credit card-related rules will change
State Bank of India (SBI), the largest public sector bank in the country, has decided to change its credit card rules. SBI is going to change its minimum day bill calculation rules from March 15. The bank will give this information to the customers through e-mail.
There will be a ban on the operation of Paytm Payments Bank
As per RBI guidelines, Paytm Payments Bank services will be banned from March 15. This is one of the major changes taking place after March 15. The Reserve Bank of India (RBI) had directed Paytm Payments Bank to stop adding new customers from February 29, but then this deadline was extended till March 15. Paytm is one of the largest payment platforms in the country, hence the market is keeping an eye on this episode after this action of RBI on its subsidiary.
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