New GST rule, KYC for MF investments, PNB ATM charge: Check details inside

Many new financial regulations are coming into effect from May 1. The changes in the rules will have an impact on the business class as well as the common man.

Here, we bring you the list of changes that are coming to effect, today:

New GST Rule

Any business which has a turnover of Rs 100 crore and above will have to upload their electronic invoices on IRP within 7 days of the issue of such invoice with effect from May 1. Till April 30, they used to upload such invoices on Invoice Registration Portal (IRP) on the current date, irrespective of the date of issue of such invoice.

In April, GST Network (GSTN) said the government has decided to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with aggregate annual turnover greater than or equal to ₹100 crore. "To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting," it said.

It has to be noted that the validation system built into the invoice registration portal will disallow the user from reporting the invoice after the 7-day window and as per GST law, businesses cannot avail input tax credit (ITC) if invoices are not uploaded on the IRP.

KYC Mandatory for Maintaining e-wallets in Mutual Funds
Starting May 1, E-wallets used for investing in mutual funds should be compliant with KYC norms prescribed by the Reserve Bank of India (RBI). The Securities and Exchange Board of India (Sebi) in its earlier circular allowed the use of e-wallets for investment in mutual funds within the umbrella limit of Rs 50,000 for investments by investors, especially the young generation -- to purchase these instruments through both e-wallet and/or cash per mutual fund per financial year.

ATM Charges on Failed Transactions

From May 1, Punjab National Bank will levy charges of Rs 10+ GST on failed domestic ATM cash withdrawal transactions due to insufficient funds. "Dear Customers, w.e.f. 01.05.2023, Bank shall levy charges of Rs. 10+GST on failed domestic ATM cash withdrawal transaction due to insufficient funds," the bank said on its website.

With inputs from PTI