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\"\"MUMBAI: Banks<\/a>, insurers and telecom operators, which dominate business-to-consumer (B2C) services, are treading cautiously to stay clear of anti-profiteering<\/a> pitfalls as there aren’t any clear-cut guidelines yet on how to account for gains they may make from the introduction of the goods and services tax. The principle is outlined in Section 171of the GST<\/a> Act: “Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit<\/a> shall be passed on to the recipient (consumer) by way of commensurate reduction in prices.”
\n
\nGST has increased the scope for input tax credit for banks, insurers and telcos, which account for about half the B2C services sector. They can seek tax credit even on capital expenditure — there was no such concept earlier for services — and use that to offset their GST liability. Besides uncertainty over anti-profiteering norms, firms are also unsure if they can offset input tax credit against higher compliance costs.
\n
\nExperts said capital expenditure for setting up new branches or investing in telecom towers, for instance, will get credit. Companies can set off these expenses completely or partially against future tax liabilities. Banks, insurers and telecom operators are busily consulting tax experts to determine whether they might in breach of the rule as they expect the proposed anti-profiteering authority to scrutinise their accounts at some point.
\n
ET reported November 15 on the establishment of the authority, guidelines for which are likely to be announced in the first week of December. “There has certainly been an increase in the input tax credit quantum for service providers such as banks, insurers and telecom (firms),” said MS Mani, partner, Deloitte India. “The quantum of increased credits would depend on the capex and opex (operating expenditure) levels which would vary depending on the industry<\/a> and specific business plans.”
\n
\nTelecom firms are among the major beneficiaries of the new regime, experts said. Some companies had put expansion plans on hold until GST was rolled out July 1 to benefit from input credit, according to them. The impact won’t be uniform across companies and industries.“For already-established banks, there is not much change,” said a tax adviser at a top consultancy firm. This is because their capital expenditure will be minimal. “The new-age banks that just have got licences and plan massive expansion will incur capital expenditure. But these banks are still in a building mode and their revenues are not in place, so they will first like to stabilise the operations and revenue streams before thinking of passing on the benefits to customers.”
\n
\nCOMPLIANCE BURDEN<\/strong>
In fact, many banks may not want to pass on the benefits of the increased tax credits to customers, experts said. This is because the compliance burden for them has gone up under GST. “Given that the single-registration and half-yearly return regime is replaced with a multiple-registration and monthly-return regime, banks and insurance companies<\/a> will first have to check how much additional cost they are incurring for complying with GST,” said Sachin Menon, national head, indirect tax, KPMG India. “Banks will have to consider how much tax cost they are saving due to increased input GST credit, that could be passed on to customers but only after removing the additional compliance costs.” Experts say financial services companies are evaluating their offerings.
\n
\n\"\"
\n
“Like other sectors, financial services companies are evaluating their product offerings. In the long run, given the competitive nature of the industry, any resets in the context of GST should be passed on to customers,” said Sameer Gupta, leader, financial services, tax and regulatory, at EY India. Under the current situation, experts said it would be tough for the government to pull up a particular company for profiteering with no methodology having been prescribed to guard against the practice. This means that even if banks, insurance and telecom companies<\/a> want to pass on benefits, there is no way of determining how much prices can be slashed, according to the experts. “The mandate of the law is that even increases in the input tax credit are required to be passed on to consumers,” Mani said.
\n
\n“However, the methodology for the same is yet to be prescribed. In this situation, it is difficult for service providers to determine how the increased credits are to be passed on.” In their current form, the anti-profiteering rule could be challenged in court if any demands are made, experts said.\n\n<\/body>","next_sibling":[{"msid":61748182,"title":"China\u2019s Tencent now more valuable than Facebook","entity_type":"ARTICLE","link":"\/news\/chinas-tencent-now-more-valuable-than-facebook\/61748182","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":61748400,"entity_type":"ARTICLE","title":"Telcos, banks cite lack of rules, watch step on profiteering","synopsis":"GST has increased the scope for input tax credit for banks, insurers and telcos, which account for about half the B2C services sector.","titleseo":"telecomnews\/banks-insurers-and-telcos-cite-lack-of-rules-watch-step-on-profiteering","status":"ACTIVE","authors":[{"author_name":"Sachin Dave","author_link":"\/author\/479239123\/sachin-dave","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479239123.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":479239123,"author_name":"Sachin Dave","author_seo_name":"sachin-dave","designation":"Senior Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-11-22 10:07:34","lastupd":"2017-11-22 10:11:11","breadcrumbTags":["GST","anti-profiteering","telecom companies","Banks","industry","Input tax credit","insurance companies"],"secinfo":{"seolocation":"telecomnews\/banks-insurers-and-telcos-cite-lack-of-rules-watch-step-on-profiteering"}}" data-authors="[" sachin dave"]" data-category-name="" data-category_id="" data-date="2017-11-22" data-index="article_1">

电信公司,银行引用缺乏规则,看一步暴利

销售税增加进项税信贷的范围为银行、保险公司和电信公司,占大约一半的B2C服务业。

萨钦戴夫
  • 更新于2017年11月22日11点坚持
孟买:银行、保险公司和电信运营商主导企业对消费者(B2C)服务,谨慎远离anti-profiteering陷阱,没有任何明确的指南如何收益占他们从的引入可能会使商品和服务税。节中概述的原则是171的销售税行动:“任何减少税率任何商品或服务或供应的好处进项税信贷应传递给接收者(消费者)的相应降低价格。”

销售税增加进项税信贷的范围为银行、保险公司和电信公司,占大约一半的B2C服务业。他们可以寻求税收抵免即使在资本支出-服务之前没有这样的概念并以此来抵消他们的销售税责任。除了anti-profiteering规范的不确定性,公司也不确定他们是否能抵消进项税信贷对更高的合规成本。

专家表示,资本支出为建立新的分支机构或投资于电信塔,例如,将获得信贷。公司可以引发这些费用完全或部分针对未来税务负债。银行、保险公司和电信运营商正忙于咨询税务专家,以确定他们是否可能违反规则,因为他们希望提出anti-profiteering机关审查他们的账户。

等报道11月15日在权威的建立,指导方针可能会宣布12月的第一个星期。”无疑是增加进项税信贷量子服务提供商,如银行,保险公司和电信公司(公司),“曼妮女士说,伙伴,德勤印度。“量子增加学分将取决于capex和opex(营运开支)这将取决于水平行业和具体的业务计划。”

电信公司是新政权的主要受益者之一,专家说。一些公司搁置扩张计划直到销售税推出7月1日受益于输入,根据他们的说法。不会影响跨企业和行业制服。“已经银行,没有多少变化,“高级税务顾问咨询公司说。这是因为他们的资本支出将是很小的。“新时代的银行就有牌照和计划大规模扩张将导致资本支出。但这些银行仍在建设模式和他们的收入不到位,所以他们将首先要稳定运营和收入流之前想传递给客户带来的好处。”

合规负担
事实上,许多银行可能不希望增加税收抵免的好处传递给消费者,专家说。这是因为合规负担他们在销售税上涨了。“鉴于single-registration和半年返回政权被替换为一个重复注册和monthly-return政权,银行和保险公司首先要检查多少额外费用他们承担遵守消费税”Sachin Menon说,国家的头,间接税,毕马威印度。“银行将不得不考虑他们节省多少税收成本由于输入销售税增加信贷,可以传递给客户,但之后才删除额外的合规成本。”专家表示,金融服务公司正在评估他们的产品。



“像其它行业,金融服务公司正在评估他们的产品。从长远来看,由于竞争的行业,任何重置销售税的上下文中应该传递给客户,“Sameer Gupta说,领袖、金融服务、税收和监管,是印度。在当前形势下,专家说这将是艰难的,政府将一个特定的公司的暴利没有规定防范方法的实践。这意味着,即使银行,保险和电信公司想通过在福利,没有办法决定多少价格可以下调,根据专家。“法律的授权,甚至增加进项税信贷需要转嫁到消费者身上,“摩尼说。

“然而,相同的方法还没有规定。在这种情况下,服务提供商很难确定增加学分了。“在其目前的形式来看,anti-profiteering规则可以在法庭上挑战如果任何要求,专家说。
  • 发布于2017年11月22日10:07点坚持
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\"\"MUMBAI: Banks<\/a>, insurers and telecom operators, which dominate business-to-consumer (B2C) services, are treading cautiously to stay clear of anti-profiteering<\/a> pitfalls as there aren’t any clear-cut guidelines yet on how to account for gains they may make from the introduction of the goods and services tax. The principle is outlined in Section 171of the GST<\/a> Act: “Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit<\/a> shall be passed on to the recipient (consumer) by way of commensurate reduction in prices.”
\n
\nGST has increased the scope for input tax credit for banks, insurers and telcos, which account for about half the B2C services sector. They can seek tax credit even on capital expenditure — there was no such concept earlier for services — and use that to offset their GST liability. Besides uncertainty over anti-profiteering norms, firms are also unsure if they can offset input tax credit against higher compliance costs.
\n
\nExperts said capital expenditure for setting up new branches or investing in telecom towers, for instance, will get credit. Companies can set off these expenses completely or partially against future tax liabilities. Banks, insurers and telecom operators are busily consulting tax experts to determine whether they might in breach of the rule as they expect the proposed anti-profiteering authority to scrutinise their accounts at some point.
\n
ET reported November 15 on the establishment of the authority, guidelines for which are likely to be announced in the first week of December. “There has certainly been an increase in the input tax credit quantum for service providers such as banks, insurers and telecom (firms),” said MS Mani, partner, Deloitte India. “The quantum of increased credits would depend on the capex and opex (operating expenditure) levels which would vary depending on the industry<\/a> and specific business plans.”
\n
\nTelecom firms are among the major beneficiaries of the new regime, experts said. Some companies had put expansion plans on hold until GST was rolled out July 1 to benefit from input credit, according to them. The impact won’t be uniform across companies and industries.“For already-established banks, there is not much change,” said a tax adviser at a top consultancy firm. This is because their capital expenditure will be minimal. “The new-age banks that just have got licences and plan massive expansion will incur capital expenditure. But these banks are still in a building mode and their revenues are not in place, so they will first like to stabilise the operations and revenue streams before thinking of passing on the benefits to customers.”
\n
\nCOMPLIANCE BURDEN<\/strong>
In fact, many banks may not want to pass on the benefits of the increased tax credits to customers, experts said. This is because the compliance burden for them has gone up under GST. “Given that the single-registration and half-yearly return regime is replaced with a multiple-registration and monthly-return regime, banks and insurance companies<\/a> will first have to check how much additional cost they are incurring for complying with GST,” said Sachin Menon, national head, indirect tax, KPMG India. “Banks will have to consider how much tax cost they are saving due to increased input GST credit, that could be passed on to customers but only after removing the additional compliance costs.” Experts say financial services companies are evaluating their offerings.
\n
\n\"\"
\n
“Like other sectors, financial services companies are evaluating their product offerings. In the long run, given the competitive nature of the industry, any resets in the context of GST should be passed on to customers,” said Sameer Gupta, leader, financial services, tax and regulatory, at EY India. Under the current situation, experts said it would be tough for the government to pull up a particular company for profiteering with no methodology having been prescribed to guard against the practice. This means that even if banks, insurance and telecom companies<\/a> want to pass on benefits, there is no way of determining how much prices can be slashed, according to the experts. “The mandate of the law is that even increases in the input tax credit are required to be passed on to consumers,” Mani said.
\n
\n“However, the methodology for the same is yet to be prescribed. In this situation, it is difficult for service providers to determine how the increased credits are to be passed on.” In their current form, the anti-profiteering rule could be challenged in court if any demands are made, experts said.\n\n<\/body>","next_sibling":[{"msid":61748182,"title":"China\u2019s Tencent now more valuable than Facebook","entity_type":"ARTICLE","link":"\/news\/chinas-tencent-now-more-valuable-than-facebook\/61748182","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":61748400,"entity_type":"ARTICLE","title":"Telcos, banks cite lack of rules, watch step on profiteering","synopsis":"GST has increased the scope for input tax credit for banks, insurers and telcos, which account for about half the B2C services sector.","titleseo":"telecomnews\/banks-insurers-and-telcos-cite-lack-of-rules-watch-step-on-profiteering","status":"ACTIVE","authors":[{"author_name":"Sachin Dave","author_link":"\/author\/479239123\/sachin-dave","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479239123.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":479239123,"author_name":"Sachin Dave","author_seo_name":"sachin-dave","designation":"Senior Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-11-22 10:07:34","lastupd":"2017-11-22 10:11:11","breadcrumbTags":["GST","anti-profiteering","telecom companies","Banks","industry","Input tax credit","insurance companies"],"secinfo":{"seolocation":"telecomnews\/banks-insurers-and-telcos-cite-lack-of-rules-watch-step-on-profiteering"}}" data-news_link="//www.iser-br.com/news/banks-insurers-and-telcos-cite-lack-of-rules-watch-step-on-profiteering/61748400">