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Already facing flak for their heavy discounting, poor products, and delayed delivery, e-commerce companies may be staring at regulatory hassles. They may soon be governed by regulations from as many as nine ministries, including the Information & Broadcasting and IT & Communications ministries, besides complying with Reserve Bank of India rules.
The Ministry of Consumer Affairs has floated a note to this effect for the consideration of a Committee of Secretaries, stating that there should be a level-playing field between online and offline retailers.
“In the absence of specified regulations and monitoring of online trade, there is no level-playing field vis-à-vis traditional retail(ers), who are subject to (a) number of licences, permissions and strict supervision by State authorities,” a draft of the note.
The Ministry has sought to identify issues and demarcate the e-commerce activities to be handled by various ministries and departments.
A couple of days after Prime Minister Narendra Modi assured investors of removing uncertainty in tax policies, the government on Wednesday decided not to appeal in the transfer pricing case it lost to Vodafone in the Bombay High Court. The case relates to a dispute over a tax liability of Rs 3,200 crore arising out of differences in share valuation by the tax authorities and the company. The revenue department had earlier insisted on filing an appeal.
“The Union Cabinet has decided to accept the order of the High Court of Bombay in the case of Vodafone India. This is a major correction of a tax matter which has adversely affected investor sentiment,” an official statement issued after the Cabinet meeting said.
The decision will have a bearing on similar cases as the government has decided not to appeal on such cases in higher courts.
The decision will have a bearing on similar cases as the government has decided not to appeal on such cases in higher courts.
The statement said the Cabinet had decided “to accept orders of courts, Income Tax Appellate Tribunal and Dispute Resolution Panel (DRP) in cases of other taxpayers where similar transfer pricing (TP) adjustments have been made and the courts, ITAT or DRP have decided in favour of the taxpayer”.
The move has come close on the heels of the tax authorities sealing an agreement with the US to resolve transfer pricing issues related to mark-ups.
“Investor confidence was shaken in the past because of a fluctuating tax policy wherein views of investors and government were at loggerheads.The Modi government wants to convey a clear message to investors the world over that this is a government where decisions would be fair and transparent,” Telecom Minister Ravi Shankar Prasad said at a press conference after the Cabinet meeting.
"The rise of India looks unstoppable," the Center for Economics and Business Research (CEBR) said last week. In its annual World Economic League Table, the group expects India to become the Commonwealth's largest economy by 2018. In 2024, the group expects India will become the world's third largest economy from its present status as fourth-largest.
The Indian economy is set to kick off the year as the favorite among emerging markets thanks to a series of positive economic developments coupled with the accelerating pace of Prime Minister Modi's reforms.
"We expect India's stock market to generally outperform emerging and developing peers in 2015," said Howie Lee, investment analyst at Phillip Futures, in a report last week. The Sensex stock index was Asia's second-best performing market in 2014, rising around 30 percent.
New Delhi is expected to post economic growth of 5.5 percent during the fiscal year ending March 2015, according to the finance ministry - a welcome sign for an economy that's seen sub-5 percent growth for two consecutive years.
2013 marked a year of vulnerability for India as a ballooning current account deficit triggered sharp capital outflows when the Federal Reserve first broached the idea it would reduce its stimulus program.
"Call it a huge slice of luck or astute economic forecasting, but going into 2015, the problems that have plagued India for the past two years have mostly been subdued. Due to falling commodity prices, the twin terrors of current account deficit and high inflation have come under substantial control," said Howie Lee of Phillip Futures.
November's wholesale price inflation rate came in at zero for the first time in over five years, and a far cry from May's 6 percent annual increase. Lee said a global fall in food prices proved more effective in containing inflation than the Reserve Bank of India's (RBI) 2013 interest rate hike.
While the current account deficit remained high at 2.1 percent of gross domestic product (GDP) during the July-September quarter, expectations for oil prices to remain low in the near term will ease the strain, Lee said. Not only does cheaper oil ease India's import bill, it also allowed Modi to end diesel subsidies, which cost the government over $20 billion in the last fiscal year.
For the government to achieve GDP growth above 6 percent, Morgan Stanley recommends greater focus on medium-term reforms, including the easing land acquisition rules, flexibility in labor markets, and the introduction of a goods and services tax (GST) to create a national taxation system.
Moreover, the overall ease of doing business remains a major priority for the government, the bank added. It's watching for various policy steps on streamlining clearances for forest and environmental projects, expediting industrial licensing processes and providing stable taxation policies. It also wants to see initiatives under the "Make in India" campaign aimed at convincing multi-national companies to manufacture within the country.
The Obama administration’s move to allow exports of ultralight crude without government approval may encourage shale drilling and thwart Saudi Arabia’s strategy to curb U.S. output, further weakening oil markets, according to Citigroup Inc.
A type of crude known as condensate can be exported if it is run through a distillation tower, which separates the hydrocarbons that make up the oil, according to U.S. government guidelines published yesterday. That may boost supplies ready to be sold overseas to as much as 1 million barrels a day by the end of 2015.
Saudi Arabia led the Organization of Petroleum Exporting Countries to maintain its production quota at a meeting last month even as a shale boom boosted U.S. output to the highest in more than three decades. That prompted speculation OPEC was willing to let prices fall to force some companies with higher drilling costs to stop pumping.
“U.S. producers are under the gun to reduce capital expenditures given lower prices,” Citigroup said in the report. “Now an export route provides a new lease on life that can further weaken crude oil markets and throw a monkey wrench into recent Saudi plans to cripple U.S. production".
Current U.S. export capacity is at about 200,000 barrels a day, which could be expanded to 500,000 a day by the middle of 2015, according to the bank.
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What To Do Today..........
Our Opininon for Today's Market.......
1.Market Looks Volatile.....
1.Some Insider Say NIfTy go up to 6200
What To Do Today........
Nifty....Today Face Resistance at......8958..8995..9085
Nifty.....Today Support at ..8910...8860...8805
Nifty Range...7200--------9200
TRACK ME RESEARCH......
NEXT TGT FOR
Our Opinion for Today's Market.......
1.Stock Specific Movement Expected Today ......
2. Mid-caps Looks Good....
INTRADAY HOT STOCKS : 30/1/2015
buy ongc sl 340 tgt 360+
buy sbisl 321 tgt 340+
sell mnmfin sl 258 tgt 249/245buy ab 260
buy jindal sl 152 tgt 170+
buy tatast sl 395 tgt 405/410 sell below 393
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MARKSANS PHARMA
(Bse Ticker-524404@ Rs.18.80)
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