Five Financial Rules That Changed From March 2024

1. Paytm Payments Bank

The Reserve Bank of India (RBI) ordered all customers of Paytm Payments Bank to shift their assets to another bank before March 15. After this deadline, customers were no longer able to deposit money or make credit transactions into their Paytm bank account.

2. SBI Credit Card

The State Bank of India announced a change in the minimum amount due (MAD) calculation process on its credit cards from March 15. The new MAD calculations were broken down as total GST + EMI amount + 100 percent of Fees/Charges + 5 percent of [Finance Charge (if any) + Retail Spends and Cash Advance (if any)] + Overlimit Amount (if any).

3. FASTag KYC

The deadline for upgrading the KYC information on FASTag has been extended by the National Highway Authority of India (NHAI) until the end of March 2024. After the deadline, the FASTag account will be considered invalid if it was not updated.

4. Fourth Advance Tax Installment

All taxpayers were required to pay the fourth installment of their advance tax by March 15. If the advance tax deadline was missed, the taxpayer would be liable to pay a penal interest on the taxes due, under section 234C, at the rate of 1 percent per month/part of the month.

5. New GST Regulations

According to the new GST rules, if a business was generating an annual turnover of more than ₹5 crore, they would not be able to generate an e-bill without generating an e-invoice for all their B2B transactions.

These changes had a significant impact on tax implications and other important financial decisions of almost all banking customers. It’s crucial to stay informed about these changes to make sound financial decisions.

Stay tuned for more updates on financial rules and regulations. Remember, knowledge is power, especially when it comes to managing your finances.