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 turnover more than Rs 5 crore will not be able to issue e-way bill without e-invoice. This rule will come into effect from March 1. 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 holiday in banks:
There will be 12 days holidays in government and private sector banks in the month of March. These also include weekly holidays of Saturday and Sunday. According to the bank holiday calendar released by the Reserve Bank of India, banks will remain closed on March 11 and 25 being 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 domestic LPG cylinder prices in the last months. The prices of commercial cylinders have been changed several times. It is expected that there may be a change in the prices of LPG cylinders from March 2024.
Fastag may become inoperative if KYC is not done:
The National Highways Authority of India (NHAI) has fixed February 29 as the last date for updating KYC of Fastag. If the KYC process of Fastag is not completed by this date, it may be deactivated and blacklisted by the National Highway Authority of India. In such a situation, get your Fastag KYC done by 29th February, otherwise you may have to face problems from 1st March.
Credit card related rules will change:
The country's largest government bank State Bank of India (SBI) has decided to make changes in its credit card. There is a change in the calculation of your minimum day bill from March 15. The bank wants its information 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 after this action of RBI on its subsidiary company, the market is keeping an eye on this episode.
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Akshay Thakur
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