Banks, insurers and telcos cite lack of rules, watch step on profiteering

Banks, insurers and telecom operators, which dominate business-to-consumer (B2C) services, are treading cautiously to stay clear of anti-profiteering 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 Act: “Any reduction in rate of tax on any supply o…