Modi government set to create single online compliance framework for India Inc.

BusinessModi government set to create single online compliance framework for India Inc.

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Modi government set to create single online compliance framework for India Inc.

New Delhi: After implementing the system of GST and faceless income tax, now the Modi government of the Center is preparing to take another major decision for the business world. The government is preparing to create a single online compliance framework for India Inc to comply with various regulatory requirements at once. A senior government official said that this is being considered to reduce compliance burden. According to the report, the Ministry of Corporate Affairs has initiated discussions on a single platform for compliance of common data sources from various regulators such as the Reserve Bank of India, Security and Exchange Board of India (SEBI) Department of Promotion of Industry and Internal Trade.

After the faceless assessment under one country, one tax and income tax, this step of the government is believed to be promoting the Ease of Doing Business in the country. An official said, “The proposed single window platform aims to aggregate the database of corporate affairs ministry and other institutions to reduce duplication in feeling.” This will definitely boost ease of doing business. Currently, companies have to do a lot of filling. Different regulators have different requirements and different formats to fill data.

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