Every first day of the month brings several changes across the country, affecting various aspects from household kitchen budgets to driving on the roads. Effective March 1, 2024, there have been significant alterations that directly impact the common man. Apart from the noticeable increase in the prices of LPG cylinders, the deadline for FASTag KYC has expired.
First Change: Increased LPG Cylinder Prices
Oil marketing companies have once again raised the prices of 19-kilogram commercial gas cylinders effective March 1. This marks a substantial blow in the beginning of March due to inflation. According to the Indian Oil Corporation Limited (IOCL) website, commercial cylinder prices in Delhi have risen from Rs. 1769.50 to Rs. 1795, in Kolkata from Rs. 1887 to Rs. 1911, in Mumbai from Rs. 1723 to Rs. 1749, and in Chennai from Rs. 1927 to Rs. 1960.50. However, there has been no change in the prices of 14-kilogram domestic cylinders.
Second Change: FASTag KYC Deadline Ends
From March 1, the National Highways Authority of India (NHAI) has ended the deadline for updating FASTag KYC. As of now, there hasn't been any notification regarding extending this deadline. It remains uncertain whether NHAI will extend the FASTag KYC update deadline or deactivate and blacklist those who fail to complete the KYC process.
Third Change: New GST Rules
The central government announced significant changes in GST rules effective March 1, 2024. Businesses with an annual turnover exceeding Rs. 5 crores will now be required to issue e-invoices for all B2B transactions without which they cannot issue e-way bills.
Fourth Change: SBI Credit Card Rule Updates
Starting March, State Bank of India (SBI) credit card users will experience rule changes. SBI has decided to modify its minimum due bill calculation rules, effective from March 15. Users will receive detailed information about these changes via email from SBI.
Fifth Change: 14-Day Bank Closure
March begins with major news for bank goers. Banks will remain closed for 14 days throughout the month due to various festivals including Mahashivratri, Holi, and Good Friday. Individuals with essential banking tasks are advised to check the Reserve Bank of India's (RBI) March bank holiday list before heading out.
These changes signify the evolving landscape of financial transactions and everyday life in India, emphasizing the need for individuals and businesses to stay informed and adapt accordingly.
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