As March commences, brace yourself for significant financial changes that could impact your everyday transactions and expenses.
From GST e-way bills to banking regulations, here are six key updates to stay informed about this month.
1. GST E-way Bill:
Starting March 1, businesses with an annual turnover exceeding Rs 5 crore must include e-invoices for all B2B transactions to generate GST e-way bills.
2. FASTag KYC Deadline:
The deadline for updating KYC details for FASTag users concludes on February 29.
Failure to comply may result in banks declaring unupdated accounts invalid and potentially deactivating or blacklisting them.
3. SBI Credit Card Billing:
State Bank of India will alter its minimum day bill calculation process for credit cards effective from March 15. Customers are being notified via email regarding this change.
4. Paytm Payments Bank Services Suspension:
Paytm Payments Bank’s banking operations are set to cease following orders from the Central Reserve Bank.
Initially instructed to halt new customer onboarding by February 29, the deadline has been extended to March 15, with deposit and debit/credit facilities to be discontinued.
5. Bank Holidays:
March will witness a total of 14 bank holidays, including those mandated by the RBI on 1, 8, 22, 25, 26, 27, and 29 March.
Additionally, Sundays (3, 10, 17, 24, and 31 March) and second and fourth Saturdays (9 and 23 March) will also observe bank closures.
6. LPG, CNG, PNG Price Revisions:
Anticipate potential revisions in LPG, CNG, and PNG prices as petroleum companies typically announce price adjustments on the first day of each month.
