Several new financial rules are set to be repealed or implemented in May. All of these changes will take effect from May 1, 2023. Changes in GST rules to ATM transactions have a direct influence on your financial health.
Change In GST Rule
Businesses with a turnover of Rs 100 crore or more would be required to file electronic invoices to the Invoice Registration Portal. According to the new laws, such enterprises must upload their electronic invoices to IRP within seven days of the invoice’s issuance, beginning on May 1, 2023. Currently, there is no restriction to the number of invoices that can be registered.
The GST Network also stated in its advice that the government has chosen to put a time limit on reporting old invoices on the e-invoice IRP portals. This new modification, however, was limited to enterprises with a total yearly turnover of Rs 100 crore or more.
“To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting,” the GSTN stated. This new format would be imposed on May 1, 2023, to allow taxpayers enough time to comply with this obligation.
This restriction will apply to bills, and there will be no time limit on reporting debit/credit notes, according to the statement.
Changes In Mutual Fund Rules
The Securities and Exchange Board of India (SEBI) has directed mutual fund companies to guarantee that investors engage in mutual funds exclusively using e-wallets that require KYC. This rule will likewise take effect on May 1, 2023. This means that if you haven’t completed your e-wallet’s KYC, you won’t be able to invest in mutual funds through it.
Commercial LPG Prices Revised
Every month, the Centre adjusts the price of commercial LPG cylinders. According to sources, state-run oil marketing organisations have reduced the price of commercial LPG cylinders by Rs 171.50 per unit.
The government decreased the price of a 19 kilogramme commercial cylinder by Rs 91.50 last month. The commercial cylinder in Delhi was then decreased to Rs 2,028. Domestic cylinder pricing, on the other hand, remained unchanged.
PNB Customers Alert
Customers of Punjab National Bank will be levied a fine of Rs 10 + GST whenever an ATM transaction fails due to a shortage of funds beginning May 1, 2023.