Delhi, May 01: April 2023 was a busy month as it marked the beginning of the new financial year. From the changes in new tax regime to removal of LTCG tax benefits on debt mutual funds, lots of financial rules and regulations came into effect from last month. However, several new changes will also take place in the financial regulations in different segments in May 2023 that might impact you.

Significant deadlines pertaining to higher pensions, E-wallets for mutual funds, advertisement codes for investment advisors and many more financial changes are going to come into affect which may impact our purse. Bank Holidays in May 2023: Banks To Remain Shut for 11 Days During the Month, Check List of Bank Holiday Dates Here.

Deadline to Apply For Higher Pension

The Employees’ Provident Fund Organisation (EPFO) has set May 3 as the last date to submit an application for higher pension under the Employees' Pension Scheme (EPS). In its April 23 order, the EPFO said that applications for higher pension will be vetted and verified by the field office. If you miss the date the chance to get a higher pension will probably be gone unless the deadline is extended again. Dry Days in India 2023 List: Get Full Calendar With Dates When Alcohol Will Not Be Available for Sale in Liquor Stores, Pubs & Bars Across the Country.

Advertisement Code for Investment Advisors, Research Analysts 

Markets regulator Sebi has come out with an advertisement code for investment advisers and research analysts whereby they have been prohibited from issuing statements which may mislead investors as well as from using superlative terms in their advertisements. They have also been restrained from using complex language in an advertisement. The said code will come into effect from Monday, May 01.

E-Wallets for Mutual Funds

Market regulator SEBI issued a circular on March 23, 2023, which stated that the provisions related to e-wallets for investing in mutual funds will be applicable with effect from May 1, 2023. According to the circular, e-wallets must be fully compliant with KYC norms as prescribed by the Reserve Bank of India (RBI).

New GST Rules for Businesses With Turnover of Over Rs 100 Crore

Goods and Services Tax Network (GSTN) has informed that businesses with a turnover of Rs 100 crore and above will have to upload their electronic invoices on IRP Invoice Registration Portal (IRP) within 7 days of the issue of such invoice. 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.

In another important update, Punjab National Bank customers will be charged a fine of Rs 10 plus GST if their transaction fails on ATMs due to lack of money from May 01, 2023.

(The above story first appeared on LatestLY on May 01, 2023 04:19 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).