April 13, 2024

A number of main modifications to finance will take impact nationwide on March 1, 2024, impacting Paytm Funds Financial institution in addition to SBI. Virtually all financial institution purchasers must make large monetary choices, together with tax repercussions on account of the change within the monetary legal guidelines.

This month’s monetary changes principally have an effect on prospects of FASTag, SBI credit score cardholders, and Paytm Funds Financial institution. Moreover, that is the final month that folks can select their investments based mostly on modifications of their funds to economize on taxes. Here’s a record of all the foundations that may change beginning in March 2024.

SBI Credit score Card

The State Financial institution of India has stated it might change how its bank cards calculate the minimal quantity due (MAD) as of March 15. SBI defined the MAD calculations in an e-mail to its purchasers, stating that they comprise of the next: whole GST + EMI quantity + 100% of charges/costs + 5% of [Finance Charge (if any) + Retail Spends and Cash Advance (if any)] + Overlimit Quantity (if any).

Paytm Funds Financial institution

Earlier than March 15, all Paytm Funds Financial institution prospects are required to switch their belongings to a different financial institution with the steerage of the Reserve Financial institution of India (RBI). One received’t be allowed to make deposits or credit score transactions into their Paytm checking account past this date.

FASTag KYC

The Nationwide Freeway Authority of India (NHAI) has prolonged the deadline for switching the KYC information on FASTag until the top of March 2024 in an try to hurry up the method. After the deadline, the FASTag account shall be thought-about invalid if it’s not up to date.

Fourth Advance Tax Installment

By March 15, all taxpayers are required to make their fourth advance tax installment. Beneath part 234C, the taxpayer is topic to pay extreme curiosity on the taxes due on the charge of 1 per cent each month or a share of the month if the advance tax deadline is missed.

New GST Rules

As per the lately carried out GST laws, companies that generate an annual turnover over ₹5 crore won’t be permitted to situation an e-bill with out moreover producing an e-invoice for each B2B transaction.


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