As March ushers in the final stretch of the financial year, several new regulations and adjustments are set to impact individuals and businesses across the board.
From GST amendments to alterations in banking operations and digital payment services, here's a comprehensive overview of what's to come
1. GST E-Way Bill Revisions
Effective March 1, businesses with turnovers exceeding ₹5 crore will face new requirements for generating e-way bills. Now, e-invoice details for all business-to-business (B2B) transactions must be included when generating e-way bills for inter-state goods transportation valued over ₹50,000. This adjustment aims to streamline tax compliance and enhance transaction transparency within the GST framework.
2. Bank Holidays
Throughout March, both public and private sector banks will observe closures on 12 designated days, including weekends. As per the Reserve Bank of India (RBI) calendar, bank closures will occur on March 9th and 23rd (second and fourth Saturdays), along with Sundays on March 3rd, 10th, 17th, 24th and 31st. Customers are advised to plan their banking activities accordingly.
3. FASTag KYC Deadline
In a bid to ensure regulatory compliance and streamline electronic toll collection, the National Highways Authority of India (NHAI) has mandated Know Your Customer (KYC) verification for all FASTag users. Failure to complete KYC procedures by February 29th will result in FASTag deactivation, rendering them invalid for use from March 1st onwards.
4. SBI Credit Card Billing Changes
State Bank of India (SBI) credit card holders will experience modifications in Minimum Day Bill Calculation procedures effective March 15th. Customers should anticipate adjustments in billing cycles and payment schedules as per the revised calculation method. SBI has communicated these changes to customers via email, ensuring clarity and awareness ahead of implementation.
5. Paytm Payments Bank Restrictions
Notable changes loom for Paytm users, particularly Paytm Payments Bank customers, as the Reserve Bank of India (RBI) directive comes into effect post-March 15th. Following RBI's directive to halt new customer onboarding by February 29th (extended to March 15th), Paytm is poised for adjustments in its operations. This development holds significance given Paytm's prominent position in the digital payments landscape.
As March unfolds, individuals and entities impacted by these regulatory shifts are advised to stay informed and proactively adapt to the evolving landscape of financial norms and practices.
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