Five financial rules that changed from March 2024

The financial changes coming into effect from this month are mainly linked to Paytm Payments Bank, SBI credit card users and FASTag users. This is also the last month where citizens can make investment choices on the basis of the financial changes for tax saving purposes.

Here’s a look at what all rule changes are coming into effect from March 2024.

Paytm Payments Bank

The Reserve Bank of India (RBI) has ordered that all the customers of Paytm Payments Bank shift their assets to another bank before March 15. After this deadline, one will not be able to deposit money or make credit transactions into their Paytm bank account.

SBI credit card

The State Bank of India has announced that from March 15 onwards, the bank is changing the minimum amount due (MAD) calculation process on its credit cards. In an email to its customers, SBI broke down the MAD calculations 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).

FASTag KYC

In an effort to make the process smoother, the National Highway Authority of India (NHAI) has extended the deadline of updating the KYC details on FASTag till the end of March 2024. If not updated, the FASTag account will be deemed invalid after the deadline.

Fourth advance tax installment

All taxpayers must pay the fourth installment of their advance tax by March 15. If the advance tax deadline is missed then the taxpayer is 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.

New GST regulations

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