March 2024: Key Changes Affecting Businesses and Consumers

GST Rules Update:

Effective March 1, businesses with a turnover exceeding ₹5 crore will face new GST rules. They must now include e-invoice details for all B2B transactions to generate e-way bills for inter-state goods transportation valued over ₹50,000. This change aims to streamline tax compliance and enhance transparency in transactions.

Bank Holidays:

March 2024 brings 12 bank holidays, affecting both public and private sector banks. These closures include weekends, with March 5, 11, 12, 19, 25, and 26 designated as non-working days. It’s essential for businesses and individuals to plan their financial transactions accordingly.

FASTag Deactivation:

The National Highways Authority of India (NHAI) has mandated KYC completion for FASTag users by February 29. Failure to comply will result in FASTag deactivation starting March 1. This move aims to ensure compliance with regulations and promote efficient toll collection on national highways.

SBI Credit Card Changes:

State Bank of India (SBI) is implementing changes to the Minimum Day Bill Calculation process for its credit cards, effective March 15. SBI has notified its customers via email about this alteration, which will impact billing cycles and payment schedules for cardholders.

Paytm Restrictions:

March 15 marks a significant change for Paytm, one of India’s largest payment platforms. Following RBI directives, Paytm Payments Bank will halt new customer onboarding. This move, originally set for February 29, has been extended to March 15, affecting user acquisition and banking services offered by Paytm.

These changes underscore the evolving regulatory landscape and the need for businesses and consumers to stay informed and adapt to the latest developments for seamless financial transactions and compliance.