The finance ministry in a statement said that tax collection of Rs 17.

10 lakh crore is a growth of

around 18 per cent compared to last year. While direct tax mop up during the April-March period
grew 14.2 per cent at Rs 8.47 lakh crore, indirect tax kitty swelled by 22 per cent over last year to Rs
8.63 lakh crore. As regard indirect taxes, Central Excise collections grew 33.9 per cent to Rs 3.83 lakh
crore during 2016-17. Service tax mop up rose 20.2 per cent to Rs 2.54 lakh crore, while customs
collections grew 7.4 per cent to Rs 2.26 lakh crore.

After the implementation of GST, the share of indirect taxes could significantly increase.

There are some common objective which are aimed by GST:

 Making the Value chain stronger to ensure availability of input credit.

 To put control over extra taxation schemes.
 Making easy process of tax administration and compliance.
 Putting administration procedures, tax base, laws into a line.
 Cutting extra numbers of tax slabs for avoiding classification complexity.
 Putting all the states into an equality proportion.
 Increasing the tax base for strictly adherence

There are still challenges in front of the implementation of GST which are clearly understood by
these mentioned points:

 It is very hard to assume what will be the exact impact of GST in the coming future.
 No proper channel gates for controlling the tax evading parties.
 Mistakenly double registration could increase compliance and cost.
 Shortage of skilled staff
 Lack of adapting the changes.

IT Industry

The association of Indian economy with Information technology (IT) is very well aware of all the
changes upcoming along with the GST and has also issued a warning that serves not to take the
information technology in an easy way as it contributes to the economy in a very heavy proportion.
While the National Association of Software and Services Companies (Nasscom) president R.
Chandrashekhar mentioned that upcoming GST regime can create a difficult scenario for the industry
as with GST, there are lot many complex invoicing and billing coming ahead which can further
strangle the taxation of IT industry making a tough growth. As per the reports, most of the items
used in the IT industry like printers, photocopier and fax machines has attracted highest tax rate of
28 percent.

As the head mentioned that there will be a great number of taxation points counting up to 111
which must be accessed while in the process of filing as the reason being of multiple registrations
ranging from 37 jurisdictions—29 states, seven union territories, and the Centre. In the words of
Chandrashekhar, it said that Under the GST regime there are three tax points: central GST, inter-
state GST, and state GST. Multiplying three GSTs with 37 jurisdictions take the total number of
points of taxation to 111. It makes the IT companies register and file compliance reports at a
staggering 111 points to clear all the way through filing the GST.
As the known system of taxation in IT industry, there is a single point of taxation which is the
central service tax and also one point of registration. Chandrashekhar said that “So, moving from the
single point to 111 could definitely prove to be a challenge in terms of ease of doing business, The
services industry at large was administered under a single authority in the center under the service
tax regime. The simplicity and certainty that it offered needs to be emulated in the GST law that
states and center adopt subsequently.”

Nasscom comes up with a statement that says that the ‘place of supply’ provision of GST might need
various billing and invoice in the case of single contract services but the delivery is happening from
multiple offices of the same activity. In the process, goods and services tax has brought some
clarification over the taxation on electronic downloads also including various taxes and duties, the
actual value of service provision may spark misunderstanding and disputes over this issue.

Even the e-commerce marketplace is in downward slope as the latest provision which sets the
marketplace to deduct ‘tax collection at source’ in contrary to the transaction held with each and
every seller or third party vendor. This will definitely hamper the industry growth thus making the
situation worse and can also create a situation in which the seller could draw their hands from this
platform to sell their commodities. The imminent personality from the sector, Kris Gopalakrishnan,
co-founder of Infosys Ltd. and chairman of Axilor Ventures has however took the GST light hearted
and has assured the IT sector for a significant growth as the speech said that “This is good for the IT
industry since services they deliver in India will come under GST. Of course, the GST rate has to be
reasonable.”
Indian Telecom

India’s web of telecom industries is world’s second largest wireless market, which includes over a
billion of active users. The scales shown by them shows their efforts to become one of the biggest
success stories of the country. Work done by these firms literally have revolutionized the lives of
people here.

Telecom sector of India can basically be divided into three parts, the telecom service providers,
infrastructure providers and equipment manufacturers. The tower companies had been involved in
legal activities referring the accrual of tax credits. There was strict requirement of a system which can
uphold the seamless tax inputs for this particular sector by which the finalized result might not be a
burden.

After getting involved with various tax issues, the government of India finally come up with a
greatest indirect tax reform of the country termed as Goods and Service Tax (GST). GST is passed as a
122nd Constitutional Amendment Bill and has been approved by both houses of the Indian
Parliament and GST bill and has been implemented from 1st July, 2017.

The euphoria of GST brings in sets of cheers, but nothing can be implemented with 100 percent
accuracy and without having any issues. There are some sector-specific issues related to GST,
especially with the telecom sector. The GST plans related to telecom sector of the country may be
needed to figure out once again, as it seems to come as a mixed packet of sweet and sour candies
for this sector. Struggling with high taxes, the sector is already under a burden.

Talking about the advantages, GST comes with an ease in operating the business and having a
unified tax approach. It is expected to reduce tax avoidance and increase input credit. But as we have
mentioned above, good things can not come without having any drawback in it. The tax rate after
GST is now 18 percent from the previous 15 percent resulting in a load over the telecom sector
which is already under financial burden.

The next issue in sight is that, the telecommunication firms currently works for area or circle wise
service, but generating a state-wise revenue will result a large number of IT firms and accounting
systems, and will need a great increment in compliance effort, multiple audits, multiple assessment,
and a chain impact of taxes on account of credit blockages in each and every state.
Automobile

The automobile Industry is very hopeful with the GST regime as the government is very cautious
particularly for this sector. The industry of automobiles is tremendously big which tackles the
manufacturing of a very large chunk of cars and bikes every year. The population across the nation is
also the major factor of this turbulence as it constantly seeks for dynamic technology and newer
models. The GST is all set to subsume almost all the taxes under its ambit like excise, VAT, sales tax,
road tax, motor vehicle tax, registration duty which will further benefit the procedural ways of the
automobile industry.

However, going in deep and bifurcating per product impact will be senseless as the GST rules and
rates may get a shuffle due to individual exemptions and incentives provided according to the model
and its growth.

Government Notified GST Tax on Automobiles

CATEGORY ENGINE Pre-GST Post-GST Price Effects

Under 4-metres Under 1.2-litre Petrol 31.5% 29% -2.5%

Under 4-metres Under 1.5-litre Diesel 33.25% 31% -2.25%

Under 4-metres Above 1.2-litre Petrol or 1.5-litre Diesel 44.7% 43% -1.7%

Above 4-metres Above 1.2-litre Petrol or 1.5-litre Diesel 51.6% 43% -8.6%

SUVs – 55% 43% -12%

Hybrids – 30.3% 43% +13.3%

Electric Vehicles (EVs) – 20.5% 12% -7.5%

In the current form, advance received on goods supply is not attracting Excise/VAT and composite
rate while in some of the states there is VAT applicable on used cars sales. While many of the states
do make available OEM Original Equipment Manufacturers (OEMs)/component manufacturer linked
with a various investment linked incentive scheme. The significant components can be considered as
interest-free loans and subsidies being attached with CST/VAT paid on the sales.

It is also learned that the selling of goods and services unattached with a form of consideration is
exempted from taxes under the service tax and VAT. While the dealers and importers are not eligible
for the excise duty and CVD which is paid by the OEMs(Original Equipment Manufacturer). The
current tax rules mentioned that VAT/CST is not applicable but excise duty is certainly in the tax part
while transferring any goods from the manufacturers place and factories. As these vehicles have
exemptions from auto cess/Nccd: electrically operated vehicles, three-wheeled vehicles, hydrogen
vehicles based on fuel cell technology, vehicles used solely as taxis, the ones used by physically
handicapped persons, hospital ambulances.

GST Impact on Indian Automobile Industry

Overall it is defined that the GST impact on the automobile industry is less than the previous tax
scheme due to the lowered tax scenario. As the automobile industry has already gone through some
tough situations like demonetization and after which emissions norms rule hit the grounds of
automobiles sector. It is now done that the industry will get benefits out of GST with
minimum hassle free procedures and rate fixation across the nation.

As there will be more or less similar case for the smaller cars due to the analytics of rates comparing
from both the pre-GST and post-GST effects. The tax scenario has been adjusted in between 1 to 15
percent in which the small cars are being charged with 1% cess rate with 28% GST while talking
about the middle sized cars it is being levied with the 3% cess and for the luxury cars segment, it is
fixed at 15% cess.

Irony of GST on Spare Parts: Tax on Highest Level

According to the recently surfaced, spare parts bill of an automobile, it seems that the GST rates are
a big issue within the industry. On a bill of 35,000, it was seen that a tax of 10000 was levied. It was a
hefty charge upon the billing as tax amount is taking a toll over the pockets of the consumers.

A tax rate of 28 percent on the spare parts is a heavy tax rate as most of the consumer base pay the
charges on a natural act of wear and tear or upon accidental damages. Bringing such a heavy tax rate
upon such incidents have made the market much more sensitive regarding the price issues.

On the Basis of this, the Conclusion Comes at:

 Luxury cars – The tax rates are combined at 42 to 45% in the GST era as compared to more
than 50% above rates previously and has made a cheap tax rate scenario for the luxury cars
GST rates.
 Small cars – The earlier tax rates were concluded at 29% including VAT and other local levies
while in the GST scenario, the same impact is created with 28% GST and 1% cess rate on it.
  Hybrid cars – The biggest damage considered in the automobile sector can be attributed to
the hybrid vehicle despite its promising future in the environmental sustainability. It has been
levied with 28% GST rates along with the 15% extra cess on it.
 Spare Parts – Spare parts are levied with 28% tax rate which is highest of the slab. Although
the tax rates are recovered in initial state but the government choose to carry forward tax
scenario on secondary items also.

While it is totally upon the discretion of automobile manufacturers to increase or decrease the prices
of vehicles, it is to be seen in upcoming future to have stable effects on the whole industry.

FMCG
Here again, the scenario will be either neutral or negative for those companies who fall under any
concessional tax bracket or taking some kind of exemptions. The companies who are likely to get any
benefit would be Havells, Blue Star, Bajaj Electricals, Symphony, Hitachi etc.

The FMCG sector is also taking big steps in consolidation with the upcoming GST and has been
working round clock to meet the deadline of GST. Although some rough ideas came after the prime
ministers gave a speech and asked the states to clear the remaining bills as soon as possible. All the
related Central, Integrated, Union Territory GST and GST Compensation to States Bills were cleared
by the parliament but still have pending status with the states.

Nihal Kothari, executive director, Khaitan & Co. mentioned that “There is a realization that GST will
be a reality soon and that readiness in this regard cannot be postponed, All companies are pushing
the pedal on implementation. But, while 70 per cent of the large consumer goods companies can
meet the July 1 deadline, SMEs (small and medium enterprises) are not in a position to do so. Many
of them have begun work only now, appointing consultants, doing impact analysis and
understanding the documentation required.”

Furnishing and Decor

In current, the sector pays above 20 per cent of his share to the tax authority, and the organized
sector composes of 65-70 of the total. The main agenda is to minimize the tax liability of both
organized and unorganised sectors and to give more opportunities to the organized sector for being
more loyal to the tax authority.

Logistics
The Goods and Services Tax (GST) regime is all set to give a boost to the growth of the
warehousing and logistics industry in India. New warehousing hubs are set to establish better
facilities and better transportation and logistics services across the nation. According to a real estate
consultancy firm JLL India, the implementation of GST has played a key role in the development of e-
commerce giants and they will be able to choose wide range of services across the country. It will
undoubtedly benefit the logistics corner and offer cost saving on the consumer end. The GST bill has
been implemented from 1st July 2017 and the government will facilitate E-filing of GST through
online portals for filing procedures. With the advent of goods and services tax, it is also the support
of e-commerce industry to further take the industry more worthy. As the scenario has changed a lot,
the online shopping demands a firm supply chain to cater the needs of the general public.

As the transporting and warehousing are not as much in the highlight while talking about the
business at large, but it is a certainly most important aspect of it. With the upcoming of GST, it has
speculated that the warehousing industry is all set to jump a great length in no time. Anuj Puri,
Chairman and Country Head, JLL India stated that “Under the new tax structure, the focus would shift
from saving tax by having smaller warehouses, to improving overall efficiency. The merger of smaller
warehouses will lead to higher efficiency in supply chains and the former would become more
productive and logical locations. Automation of these assets will be seen, which will give excellent
cost benefits to the landlords/ operators. As the rents charged by organised warehouses will go
down, the price advantage that unorganised warehouses presently enjoy will shrink.”

In the recent study done the World Bank, India has successfully jumped 19 positions in the Logistics
Performance Index (LPI) just after the implementation of Goods and services tax. Now, the country
stands at 35th rank, while it stood at the 54th position back in 2014. The lower investment
opportunity in the warehousing sector also offer a better investment return and lead to the growth
of the business. The warehouse industry in India is worth INR 560 billion and is growing at a rate of
10 percent every year. Many of the ambitious individuals are eying upon a better opportunity and
growth in the logistics and warehousing sector. The logistics and warehousing are also capable of
boosting the economy and will be increasing the share of GDP which is in current phase about 13
percent.

The growth in Indian warehouse industry is driven by the domestic consumption, increase in
international trade, increase in private and foreign investments in infrastructure. Apart from storage
facilities, the warehousing firms in India now offer an array of value-added services such as
packaging, cargo, reverse logistics, barcoding, etc. in order to provide best services to the
consumers. The different warehousing segment that plays different roles in the industry are classified
as follows:

 Industry/Retail warehousing- MJ Logistics, DHL, Safexpress, Allcargo, etc

 Liquid storage- Indian Oil Tanking, IMC Ltd, Vopak India, Sealord, etc
 Agri warehousing- National Bulk Handling Corporation Ltd., Ruchi Infrastructure Ltd, Adani
Agri Logistics, etc
 Cold stores- Snowman, Cold Star, ColdEx, Fresh and Healthy Enterprise, etc

With GST into consideration, the new taxation system will be making, India a single market with the
destination-based tax system. It will put a strong impact on the manufacturing chain, supply chain,
and retail chain.The logistics and warehousing were already on the fast track but the upcoming of
GST took longer time than speculated. This time the warehousing and logistics will be capturing a
model with a larger hub in the centre with spoke chain across the nation. A strategically placed
warehouse not only improves the consumer services but also facilitates proper supply chain
management. The objective of GST is to make the supply chain leaner and flexible, while the major
impact will be seen in the warehouse industry.

As stated by KPMG India Pvt. Ltd., Because of the current complicated tax structure, the logistics
decision and choice of setting up of inventory and distribution centres are taken on the basis of
applicable CST and VAT rates, rather than operational efficiency. With GST implemented, there will
no longer be necessity of having a warehouse in every state, where a firm does business. The same
decisions will be free from tax consideration prospective and will purely based on operational and
logistics efficiency.

Cement
The implementation of GST in the country will somehow create a menace in the cement
industry. GST council has decided a heavy tax rates over cement industry of 28 percent which seems
to overburden the sector with already prevailing tax entities and under developing area in the
urbanization. Indian cement industry is aimed to grow at a CAGR of 11.14% in volume terms during
FY 2011-FY 2017 and is expected to reach 407 million tons by March 2017. Prominent cement
manufacturers, such as Ultratech, JK Cement, and Shree Cement are expected to get some setback
from this decision over new tax reform in India.

The reports suggest that the introduction of 28% Goods and Services Tax on Cement industrywill
certainly make hard expansion choice in the Indian cement industry and will affect their profitability
as well. GST India is likely to have a negative impact on the cement industry and will also take the
concrete admixtures manufacturing sector towards downfall.

According to a recent report, “India Naphthalene and PCE based Admixtures Market By Type,
Competition Forecast & Opportunities, 2011 – 2021”, naphthalene and polycarboxylate (PCE)
admixtures market in India is expected to reach USD 683 million by the year 2021. Strong growth in
real estate sector, increasing government projects on infrastructure development and
implementation of stringent regulatory norms will help in boosting demand for naphthalene and
polycarboxylate (PCE) based admixtures in India by the coming next five years. Few of the prominent
names in the naphthalene and PCE based admixtures manufacturers in the country include BASF,
Fosroc and SIKA.

The following concerns regarding the Cement Industry have been expressed by V Lakshmikumaran,
Managing Partner, Lakshmikumaran & Sridharan, “Cement India is the second largest producer in the
world and in the next 10 years, India can become the net exporter of cement and clinker. The main
raw materials for cement are limestone, coal and electricity. Limestone, for quarrying, the cement
companies have to pay royalty to the state governments and for coal, apart from the GST, there will
be levy of clean energy cess which is not available as a credit because it is not part of the GST regime
subsumes. So, therefore, as far as the cement industry is concerned, these two factors will continue
to be outside the GST and therefore, it has to be absorbed as cost of the cement production.”

“If GST is levied on electricity, again it is going to increase the cost. I hope all this is available as a
credit while paying GST on the cement,” he added.
Moreover, he further clarified “The service tax paid on the transportation cost, etc. if it is not made
available at the dealers’ level, all becomes cost of the cement production and unless and until the
rates of GST on cement is kept at the level of not more than 12 percent, it is going to have adverse
impact as far as the infrastructure industry is concerned.”

Textiles/Garments
Textile industries play a very important role in the development of the Indian economy with respect
to GDP, Export promotion, employment, etc. It is the one of the oldest manufacturing industry in
India. It is the second largest industry after agriculture which provides skilled and unskilled
employment. In this sector, 100% FDI is allowed by the Government under the Automatic Route.
Textile Industry contributes more than 10% in Total Export.

Textile Industry is divided into Two Segment, firstly Unorganised and Secondly Organised. The
unorganised sector consists of Handloom, handicraft, small and medium-scale mills and Organized
Sector consist of spinning, apparel and garments segment which apply modern machinery and
techniques. The rate structure for the textiles is decided at 5 percent and 18 percent for cotton fibre
and man made synthetic fibre respectively. While silk and jute are totally exempted from the GST
purview. The GST rate on apparels is also decided on a category basis, as Apparels below INR 1000
will be attracting 5 percent GST while those above this mark will be taxed at 12 percent.

Mainly Two types of Indirect Taxes considered by the government is Central Excise Duties and
Service Tax which was under wide use. Service is not levied on Textile since it comes under Goods.
Under current taxation system, textile products are mostly exempted or are taxed at very low rate.
State Governments have to stop levying Sales Tax after the discontinuation of Additional Excise Duty.
From the tax rate structure, it is seen that cotton fibre will be gaining momentum by the GST rate
decided for it. Overall it is concluded that the final rates are very much less than the previous scheme
and will definitely benefit the whole industry in a long run.

Leaving behind the fragmented structure of supply chain, the GST will consolidate this structure and
will present a better supply chain management to the industry. The self-compliance necessity in the
GST will also track down the revenue even if the tax rates are low for some general benefiting of
masses.

The complex data of GST rates and categorisation in the textile industry is also speculated to be
eased up with the upcoming of the new tax scheme. The price decline will be directly inverting the
supply rule and will be boosting the demand on instant basis. As the prices will fall, there will also be
competing in the industry making an export healthy environment. While on the domestic front, the
price fall may bring negative consequences to the manufacturer with less revenue being generated.

GST and its Scope in Textile

The government has decided to improve the logistics with providing better funds while the labour
skills are also under progress. As the government is keeping an eye on this future prospective action,
it is definitely stated to be the beneficial step for the whole industry.

Pharmacy
Here, the impact could be neutral as the sector only shares 6 per cent of his share to the tax
authority. The sector also avails the incentives in tax benefits of location wise. There are various
concessional benefits and exemptions held for this sector and will extend till the expiry of the period.
The implications of GST would also try to reduce the logistics cost and would also try to see in to the
matter of inverted duty structure.

Metal
This sector is totally unknown from the imposition of GST tax regime on to him. But, the sector is
currently paying 19-21 per cent of tax to the tax body, with 4 to 5 percent of VAT in particular state,
Excise duty of 12.5 percent and CST 2 percent with variable entry taxes in particular state.

Gold
Finance Ministry is in keen observation of the gold market and its upcoming moderations which can
effect the whole line of trading after the goods and service tax implication in India. The ministry is
under stressed situation while feating of a direct cut in the import duty imposed on the gold could
send its effects on the gold bond schemes and can value down its necessity along with its viability.

The ministry has gone through a deep research and survey to acknowledge the solution for this
upcoming issue while ascertaining all the facts and responsibilities, it has been confirmed that the
GST could be fixed at 3 percent on gold rate. This has clearly shown the intentions of the ministry
that currently the authorities will not be cutting down import duties on gold.

Jewellery Export
According to the recent stats, the gold jewellery exports increased by only 1.92% while the Silver
recorded an increase of 35.83% and the exports of cut and polished diamonds increased by 10.24
percent.

Pravin Shankar Pandya, chairman of the Gems & Jewellery Export Promotion Council (GJEPC) told
that “If export is not brought under GST, then in the financial year 2018, exports are expected to
grow. If it comes under GST then it will definitely have an impact. Import of rough diamonds should
be kept out of GST.

He also said that the government should provide a unique number to diamond traders on the lines
of Belgium, which would help the government monitor diamond trading instead of bringing the
Gems and Jewellery sector under the GST.

Another concern for Gems & Jewellery Exporters is political instability in Europe. Pandya said,
“Since the announcement of Brexit last year, there is not much enthusiasm in the European market.
We are awaiting the outcome of the French election. Until the situation is clear about the European
Union, the business is unlikely to accelerate.
Banking and Financial Services

Banks will confront challenges under the GST in light of changes to the place of supply standards
under the GST. Section 10 of the Model GST Law makes particular taxable frames for every
enrollment in each category, as these organizations will file more tax returns under this control on
the grounds that branches in each state should file GST returns rather than a combination at the
national level. An outcome of this change is a prerequisite for banks to look at their changed source
frameworks and ensure these frameworks can apply GST to the pertinent exchanges, apply the right
tax administration (IGST, SGST/CGST) and afterward order exchanges accurately. Indeed, even after
the upstream order and rate choice are done, there is yet the matter of rapidly and effectively
finishing a few GST returns for a solitary organization. This newly incorporated scheme will any
increase the process compliance anyhow.
The GST will be making a higher turn towards the financial services of India, as the previously
followed 15 percent service tax is now converted into 18 percent GST. All the services like ATM
withdrawing, bank account maintenance charges, loan processing charges everything has been hiked
up to 3 percent from now.

It is also said that the GST Council have taken the asset management companies and the bank
branches all in separate entities making extra compliance cost for each operating unit. It is also
mentioned that the financial companies with both large or small status will be equally profitable to
the financial technology companies providing assistance in the management of data and software
tools.

The model law still has not determined how money related and insurance will be taxed and what
rates will apply. It is normal that the general worldwide principles will keep on being connected
which will continue to levy tax and circumstances were imposed and exchanges are intrigued based.

The Model Law forces limitations on banks in light of the fact that the establishment must pick
between the attribution technique or a month to month stipend of half of input tax credits. Under
the immediate attribution strategy, input tax credits must be connected to taxable supplies and zero-
appraised supplies and not cleared supplies. Join this with the prerequisite for a taxable individual in
Section 10 and a bank at a national level has a test in deciding the conceivable input tax credit they
can assert month to month. While most organizations claim input tax credits for most things aside
from limitations found in Section 17(4) or made under Section 17(5) a bank must ensure, it tracks
the taxable and zero-evaluated supplies month to month to decide the greatest input tax credit
conceivable.

After the establishment has set up all the upstream procedure to guarantee, it can have the pertinent
information for compliance it needs to choose how to handle the issue of consistency. Presently the
organization makes returns on a state by state premise however in the meantime it oversees work
process related while making these profits. The past consistency prepare for a bank was to finished a
Service Tax return which could be solidified at the national level for all the diverse areas in each
return.

A substantial association for GST agreement could keep on using its present approach which is to
solidify information and endeavor to roll out filings and after that make improvements yet with the
necessity to transfer information to the GSTN and making minded hardships for clients there could
be a more effective approach for an expansive organization.

A multi-inhabitant GST agreement offers conveyed in the house has intense information handling
and change capacity for work process and can give a substantial foundation to the approach in
managing a brief span line to make and file precise tax returns on an on-going reason for areas
around a nation. Actually, some monetary organizations could need to file different GST returns in a
solitary state contingent upon how they choose to continue in view of the taxable individual and
business verticals.

Utilizing a business pool for GST compliance spares time and cash being developed and outlay
expenses and relying upon the budgetary foundation’s data security approaches, it could
additionally pick up from having the arrangement facilitated on an open cloud. Multi-tenure
ownership with parts and work process permits the information for few areas to be isolated yet the
bank can permit inside tax groups or tax accomplices to take a shot at numerous arrangements of
information without spending time with partitioned records, frameworks, and logins. Another
effectiveness picks up is to have a framework which takes into account booked on information
change and transfer.