Now that May has begun, the financial sector will witness the implementation of several new financial rules. From GST, LPG and CNG prices to ATM rules, there will be several changes with a direct impact on your budget for the year. Here, you can check all the new rules:
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New GST rules for businesses with a turnover of over Rs 100 crore:
According to the Goods and Services Tax Network (GSTN), companies with a turnover of Rs 100 crore or more must upload their electronic invoices onto the Invoice Registration Portal (IRP) within 7 days of issuing them. To ensure timely adherence, taxpayers falling into this category will be unable to report invoices that are more than 7 days old, as stated by GSTN. Before this regulation, businesses would upload invoices onto the IRP on the current date, regardless of when the invoice was issued.
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KYC norms compliant for E-wallets for investing in mutual funds
Mutual fund companies have been asked by market regulator SEBI to ensure that an investor invests in mutual funds only through e-wallets with KYC. This means if your wallet is not KYC then you won’t be able to invest through it.
PNB on failed ATM cash withdrawal transactions
Punjab National Bank will levy charges of Rs 10+ GST on failed domestic ATM cash withdrawal transactions due to insufficient funds stated on the PNB website.
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LPG, CNG-PNG prices reduced
The price of a 19 kg commercial cylinder has been lowered by Rs 91.50 by the Central government, resulting in a reduced price of Rs 2,028 in Delhi. However, domestic cylinder prices remain unchanged.
