As May gets underway, a number of new financial regulations will be put into effect in the banking sector. Numerous changes, including those affecting the GST, LPG and CNG prices, and ATM regulations, will have an immediate effect on your annual budget.
New GST regulations for companies with a revenue of more than Rs 100 crore:
The Invoice Registration Portal (IRP) requires businesses with a turnover of Rs 100 crore or more to upload their electronic invoices there within 7 days after issuing them, according the Goods and Services Tax Network (GSTN). According to GSTN, taxpayers who fall into this group won’t be allowed to record invoices that are older than seven days in order to ensure prompt compliance. Prior to this rule, regardless of when an invoice was issued, firms would upload it to the IRP on the date it was created.
E-wallets that comply with KYC standards can be used to purchase mutual funds
The market regulator SEBI has advised mutual fund companies to make sure that an investor only contributes in mutual funds via e-wallets with KYC. This implies that you won’t be eligible to invest through your wallet if it is not KYC-compliant.
PNB on unsuccessful ATM cash withdrawal attempts
According to the PNB website, Punjab National Bank would collect fees of Rs 10 + GST for unsuccessful domestic ATM cash withdrawals caused by inadequate funds.
Reduced costs for LPG and CNG in PNG
The Central government has decreased the cost of a 19 kilogramme commercial cylinder by Rs 91.50, bringing the price down to Rs 2,028 in Delhi. The cost of residential cylinders hasn’t altered though.