GST, Credit Card, Fastags: What Changes from March 2024

Several new rules will go into effect at the beginning of March, which is also the last month of this financial year and will affect practically all users. Those planning a road trip must also complete their Know Your Customer (KYC) forms or their FASTags will be deactivated.

The National Highways Authority of India (NHAI) published a notification on its decision, which aims to ensure that only one FASTag is affixed to a single vehicle.

Here’s a list of changes coming into effect from March 2024:

Bank Holidays

Public and private sector banks will be closed for 12 days in March. This includes the weekly Saturday and Sunday offs. According to the RBI calendar, banks will be closed on March 11 and 25, the second and fourth Saturdays. Apart from that, March 5, 12, 19, and 26 will be Sundays.

Changes in GST Rules

Beginning March 1, enterprises with a turnover of more than Rs.5 crore will be unable to create e-way bills unless they include e-invoice details for all B2B transactions. E-way bills are necessary under the goods and services tax regime for interstate transportation of products valued at more than Rs.50,000.

Changes for SBI Credit Card Users

State Bank of India’s website states that the Minimum Day Bill Calculation method for its credit cards would change beginning in March. The move will take effect on March 15, and the bank has informed all of its customers by e-mail.

Deactivation of FASTags

The NHAI invited its users to complete the Know Your Customer (KYC) for their FASTags by February 29. If not completed, these electronic papers will become invalid on March 1. Here’s a step-by-step guide for FASTag users.

Paytm Restrictions

This is one of the major developments that will take effect after March 15. The Reserve Bank of India (RBI) told Paytm Payments Bank to halt onboarding new users on February 29, but the deadline was extended until March 15. Paytm is one of the major payment platforms, thus the announcement created a lot of interest.