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Thursday,13-August-2020

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Supreme Court slams FADA for violating its order on BS-IV vehicle sale norms

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Supreme-Court

The Supreme Court on Monday slammed the Federation of Automobile Dealers Associations (FADA) for not following its order permitting the sale of limited BS-IV vehicles after March 31, after which BS-VI emission norms came into force.

A bench, headed by Justice Arun Mishra, observed that the court allowed the sale and registration of 1.05 lakh BS-IV vehicles, but it seems 2.55 lakh vehicles were sold.

Seeking details of sale and registration from the FADA by Friday, the court said: “Where is the affidavit? What will happen to the vehicles that you have already sold? Do you think this is a game?”

The court also asked the Centre to provide information on the sale and registration of BS-IV vehicles.

On March 27, the apex court had allowed the sale of BS-IV compliant vehicles for 10 days, barring Delhi-NCR, after the lifting of the nationwide lockdown, which was announced by the Prime Minister due to the outbreak of coronavirus. The apex court had fixed the deadline of March 30 for the sale of BS-IV compliant vehicles across the country, but made it clear that no BS-IV vehicles will be allowed to be sold in Delhi-NCR from April 1. The bench had given this extension to clear 10 per cent of the unsold inventory after the lockdown.

The FADA moved the court, seeking relaxation on this deadline. In a plea before the court, the association urged the court to extend the deadline for the sale of their unsold inventory, as the sales have literally gone dead amid coronavirus scare besides the ongoing economic slowdown in the country.

Bharat Stage (BS) emission norms are standards instituted by the government to regulate output of air pollutants from motor vehicles. The BS-IV norms came into force across the country in April 2017.

The FADA urged the court to extend the deadline for a considerable period, which may allow dealers to fill the gap on sales, lost due to the ongoing nationwide lockdown. It cited the possibility of large bankruptcies and loss of jobs if the inventory is unsold.

As FADA contended that 15,000 passenger cars, 12,000 commercial vehicles, and seven lakh 2-wheelers are already at stake due to BS-IV deadline, Justice Mishra said: ” We should have sympathy for BS-VI, protecting the environment is important.”

The FADA insisted that BS-IV stock worth 7,000 crore is still lying unsold, and sought 30 more days to sell BS-IV vehicles.

Business

PM Narendra Modi to launch platform for honouring honest taxpayers

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Prime Minister Narendra Modi will launch a platform to honour honest taxpayers on Thursday.

The launch of the platform for ‘Transparent Taxation – Honoring the Honest’ will further carry forward the journey of direct tax reforms, said an official statement.

Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur will also present at the launch which will be done through a video conference.

The event will also be witnessed by various chambers of commerce, trade associations, chartered accountants’ associations and also eminent taxpayers, apart from the officers and officials of Income Tax Department, the statement said.

The launch will be a further development in the Centre’s and the Central Board of Direct Taxes’ reforms in direct taxes carried out in recent years, as the government.

Last year the corporate tax rates were reduced from 30 per cent to 22 per cent and for new manufacturing units the rates were reduced to 15 per cent. The government also has done away with the Dividend distribution Tax and the focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws.

“Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the IT Department. This includes bringing more transparency in official communication through the newly introduced Document Identification Number (DIN) wherein every communication of the Department would carry a computer generated unique document identification number,” it said.

Similarly, to increase the ease of compliance for taxpayers, IT Department has moved forward with pre-filing of income tax returns to make compliance more convenient for individual taxpayers. Compliance norms for startups have also been simplified.

With a view to provide for resolution of pending tax disputes the IT Department also brought out the Direct Tax “Vivad se Vishwas Act, 2020” under which declarations for settling disputes are being filed currently. To effectively reduce taxpayer grievances or litigation, the monetary thresholds for filing of departmental appeals in various appellate Courts have been raised. Several measures have been taken to promote digital transactions and electronic modes of payment.

The IT department is committed to take the initiatives forward and has also made efforts to ease compliances for taxpayers during the Covid times by extending statutory timeliness for filing returns and also releasing refunds expeditiously to increase liquidity in the hands of taxpayers.

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Business

Sameer Gehlaut quits as Executive Chairman of Indiabulls Housing

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Sameer Gehlaut, the founder of Indiabulls group.

Sameer Gehlaut has stepped down as the Executive Chairman of Indiabulls Housing Finance and taken up the role of Non-Executive, Non-Independent Director of the company.

In a regulatory filing on Wednesday, the company said that Gehlaut informed the board that he has taken up the position of Chief Executive Officer of another listed company promoted by him, Indiabulls Ventures. Going forward, he said, he would like to focus full time on the Chief Executive’s role for growing its consumer business in finance and healthcare on App Dhani.

Subhash Sheoratan Mundra, former Deputy Governor of Reserve Bank of India and an Independent Director on the Board of Indiabulls Housing Finance, has been appointed as the Non-Executive Chairman of the company.

Noting that Gehlaut proposed the name of Mundra as the Non-Executive Chairman, the filing said: “The company Board of Directors unanimously agreed with the suggestion made by Gehlaut, and appointed Mundra as the Non-Executive Chairman of the company with immediate effect.”

Gehlaut has steered the company for over 20 years since its inception in January 2000.

The filing noted that new Chairman Mundra has an over four-decade-long career, during which he held various high positions, including CMD of Bank of Baroda, Executive Director of Union Bank of India, Chief Executive of Bank of Baroda (European Operations), and the RBI Deputy Governor.

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Business

Global cues, profit bookings debt equity market

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Bombay-Stock-Exchange

The Indian equity market closed marginally lower on Wednesday after six consecutive sessions of gains.

Analysts opined that profit booking, along with negative global cues, depressed the market.

Sector-wise, the top gainers included BSE Auto, Power and IT indices, whereas BSE Healthcare, CD, Metal and Realty indices lost ground.

Globally, major Asian markets have closed on a mixed note.

However, European indices like the FTSE and CAC ended higher.

Index-wise, the NSE Nifty50 closed at 11,308.40, down by 14.10 points, or 0.12 per cent, from its previous close.

The Sensex closed at 38,369.63, lower by 37.38 points, or 0.10 per cent, from the previous close of 38,407.01.

It had opened at 38,321.13 and touched an intra-day high of 38,414.37 and a low of 38,125.81 points.

“Technically, while the Nifty has ended lower, the underlying short term trend remains up. The uptrend could accelerate once the immediate highs of 11,322 are cleared,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Crucial supports to watch for any trend reversal are at 11,130.”

According to Vinod Nair, Head of Research at Geojit Financial Services: “Indian benchmark indices closed out a volatile day, flat, with a negative bias. Global cues added to the uncertainty with doubts emerging about the expected US stimulus measures and continuing US-China tensions.”

“Profit booking continued in the Pharma sector. Markets are reacting uncertainly to global cues and this uncertainty is expected to continue. Downside looks limited but investors are advised to remain cautious, considering the valuations of some of the stocks.”

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