Coming soon:Single e-compliance window for India Inc
Published On: Friday, August 21, 2020 | By: Team KnowMyStock
GOI is planning to develop a single online compliance framework for India Inc to enable companies to comply with different regulatory requirements at one go, according to sources. This will reduce compliance burden,” as per the source.The corporate affairs ministry has initiated discussions with various regulators including the RBI, Sebi, and the Department for Promotion of Industry and Internal Trade, on the possibility of creating a single platform or compliance forms with common data sources, the official said. Coming after other key initiatives such as one nation one tax, and faceless assessment under income tax, the move is expected to significantly boost ease of doing business in the country.
The objective of the proposed single platform would be to integrate databases of the corporate affairs ministry (MCA) and other bodies to bring down duplication in filing, the official said. “This will help in ease of doing business.”
Companies at present have to make multiple filings. Different regulators have different requirements and formats for submission of data.
Once the common platform is in place, companies can file all their data in one place and regulators can get their data from one source, experts said.
It will also reduce the scope to manipulate information being sent to different regulators in order to comply with different regulations or to avoid taxes, he said.
Ease of doing business remains a key priority for the government and a host of steps are in the pipeline to make the country break into the top 50 in the World Bank’s Ease of Doing Business Index.
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