Bank holidays to GST e-invoicing, 6 key financial facts to know in August
August is nearly here, and several things are scheduled to come up that may affect you financially. So, here are some things to know or remember so that the month is smooth sailing for you.
Filed your I-T returns yet?
July 31 is the last date for filing income tax returns for salaried employees and for those who do not need their accounts to be audited. If you haven’t filed your I-T returns yet, you can still do so in August, but with a heavy fine.
You must pay up to Rs 5,000 for late submission if your income is more than Rs 5 lakh per year. For those with annual gross income less than Rs 5 lakh, the fine is only Rs 1,000.
You have until December 31, 2023, to file your returns with the penalty.
Own a Rs 5-cr company? GST e-invoicing is mandatory
From August 1, businesses with an aggregate turnover of Rs 5 crore or more will have to opt for e-invoicing under the Goods and Services Tax (GST) rules.
The threshold so far was Rs 10 crore, but the Central Board of Indirect Taxes and Customs had in May notified that the lower threshold would come into effect from August 1. The move is aimed at improving compliance and boosting collections.
Under e-invoicing, businesses must upload all B2B and export invoices to the Invoice Registration Portal. The portal provides a unique Invoice Reference Number, which has to be transferred to the GST portal. It helps match invoices and reduces duplication and errors.
“GST taxpayers whose aggregate turnover exceeds Rs 5 crore in any financial year…Generating e-invoices for both supply of goods or services or both, or for exports will be mandatory from August 1,” the Central Board of Indirect Taxes and Customs tweeted on July 28.
Plan your bank work around these holidays
There are 14 bank holidays across various states in August. Besides Independence Day, there are festivals like Raksha Bandhan and Onam coming up. Besides, there are the regular weekend holidays. So, plan your bank trips well in advance and do not leave them for the eleventh hour. You may find the shutters down.
Brace for LPG price change
LPG prices are typically adjusted on the 1st and 16th of every month. In August, the prices of both domestic and commercial LPG cylinders may reportedly come up for a change. Similarly, PNG (Piped Natural Gas) and CNG (Compressed Natural Gas) rates may also change.
Bad news for owners of Axis Bank Flipkart credit card
Axis Bank has changed the cashback and incentive point rules on Flipkart Axis Bank credit cards, which will become effective from August 12. Spending on Myntra and on flights and hotels on Flipkart will now be eligible for 1.5% unlimited cashback.
Cashback has been withdrawn for a host of transactions, including fuel spends, buying gift cards on Flipkart and Myntra, EMI transactions, wallet-loading transactions, cash advances, paying for rentals, utilities, insurance, etc. The annual card fee will be waived for those who spend more than Rs 3,50,000 per year.
More time to put money in SBI Amrit Kalash
State Bank of India (SBI) has extended the deadline for deposits in its Amrit Kalash Fixed Deposit (FD) scheme to August 15, says the SBI website. The scheme was reintroduced in April 2023 and was initially available till June 30. This 400-day scheme offers an interest rate of 7.6% to senior citizens and 7.1% to other customers.