• Notification Date: 03-05-2023
  • Notification No: N/A

Financial Rule Changes from May 1: GST, Mutual Funds, LPG Price

Starting May 1st, several new financial regulations will come into effect and these regulations may directly impact your financial health. One of the biggest rule changes is related to the GST. As per the new set of rules, companies with a turnover of over Rs 100 crore must upload their transaction receipts on the invoice registration portal within a gap of 7 days. Taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting. This new format is being implemented to ensure timely compliance and will only apply to invoices; there will be no time restriction on reporting debit/credit notes. 

The market regulator SEBI has also requested that mutual fund companies make sure that investors only buy mutual funds through e-wallets with KYC. Investors will only be able to invest through e-wallets with KYC after this new rule takes effect on May 1. You won't be able to invest using your wallet if it doesn't have KYC. 

Additionally, the prices of LPG and CNC-PNG are revised each month, and last month, the government reduced the price of a 19 kg commercial cylinder by Rs 91.50. This month, the LPG cylinder will be Rs 171 cheaper in Delhi. 

PNB customers should also be aware of an important rule change. After May 1, they will be charged Rs 10 plus GST if their transaction fails on ATMs due to lack of money. 

Mumbai Metro Lines 2A and 7 have announced a 25 percent fare reduction starting on May 1 for senior citizens, individuals with disabilities, and students up to class 12. The Mumbai Metropolitan Region Development Authority (MMRDAA) and the Maha Mumbai Metro Operation Corporation Limited (MMMOCL) run these lines. To take advantage of this, you must present the required documentation.  

These modifications to the financial rules should be taken into consideration as they may have an impact on your daily transactions and financial planning. Ensure that you stay compliant with the new rules to avoid any unnecessary charges or penalties.