Many rules including ATM and GST will change from 1 May 2023

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Finance
Finance

The beginning of every month brings a set of changes in rules and regulations that impact our daily lives. This time, May 1 is going to bring some significant changes that you need to be aware of. These changes are going to affect your finances and it is important to be aware of them so that you can plan your expenses accordingly.

GST Rules

The GST council has introduced a new rule that requires companies with an annual turnover of over Rs 100 crore to upload their invoices on the Invoice Registration Portal (IRP) within seven days of issuance. This is a significant change from the previous rule that did not set any deadline for invoice generation and uploading. This move is aimed at improving tax compliance and bringing more transparency in the system.

This rule is expected to have a major impact on large businesses and their suppliers. The companies will now have to ensure that they upload their invoices in a timely manner to avoid any penalty for non-compliance. The suppliers will also have to ensure that their invoices are uploaded within the stipulated time frame to avoid any delays in payments.

KYC Mandatory in Mutual Funds

From May 1, the Securities and Exchange Board of India (SEBI) has made it mandatory for mutual fund investors to complete their KYC process before investing through e-wallets. This move is aimed at ensuring that only genuine investors invest in mutual funds and to prevent money laundering activities.

Investors who have not completed their KYC process will not be able to invest in mutual funds through e-wallets. They will have to complete their KYC process through other modes like Aadhaar-based e-KYC, in-person verification or video KYC.

LPG, CNG and PNG Prices

The prices of LPG, CNG, and PNG are revised every month based on the international prices of crude oil. The prices of 19 kg commercial LPG cylinders were reduced by Rs 91.50 in the previous month, bringing the price down to Rs 2,028 in Delhi. However, there was no change in the prices of domestic LPG cylinders.

The prices of CNG and PNG may also be revised from May 1. The prices of CNG and PNG are generally revised on a quarterly basis and the next revision is due in May.

PNB ATM Transaction Charges

If you are a customer of Punjab National Bank (PNB), then you need to be aware of the new ATM transaction charges that will come into effect from May 1. If you withdraw money from an ATM and the transaction fails due to insufficient funds, PNB will charge you Rs 10 plus GST.

This move is aimed at promoting digital transactions and discouraging cash transactions. PNB has also introduced new charges for cash deposits and withdrawals at branches to promote digital banking.

These changes in rules and regulations are aimed at improving tax compliance, promoting digital transactions, and preventing money laundering activities. It is important for you to be aware of these changes and plan your finances accordingly to avoid any penalties or delays in payments. Stay informed and stay ahead.

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