Single e-compliance window quickly: MCA initiates discussions with RBI, Sebi, DPIIT on switch of information

NEW DELHI: The authorities is seeking to develop a single on-line compliance framework for India Inc to allow corporations to adjust to totally different regulatory necessities at one go, an official aware of the event mentioned.

“The thought is to scale back compliance burden,” a senior official instructed ET.

The company affairs ministry has initiated discussions with numerous regulators together with the Reserve Bank of India, Securities and Exchanges Board of India (Sebi), and the Department for Promotion of Industry and Internal Trade, on the potential of making a single platform or compliance types with common data sources, the official mentioned.

Coming after different key initiatives reminiscent of one nation one tax, and faceless evaluation below earnings tax, the transfer is predicted to considerably increase ease of doing enterprise within the nation.

The goal of the proposed single platform could be to combine databases of the company affairs ministry (MCA) and different our bodies to convey down duplication in submitting, the official mentioned. “This will assist in ease of doing enterprise.”

Companies at current must make a number of filings. Different regulators have totally different necessities and codecs for submission of information.

Once the widespread platform is in place, corporations can file all their information in a single place and regulators can get their information from one supply, consultants mentioned.

“There needs to be a single repository from which all regulators can pull the required information,” mentioned Pavan Vijay, founding father of enterprise advisory agency Corporate Professionals. “Some regulators could require extra data which they will request individually, however 80-90% of their necessities they need to get from this single repository,” he mentioned.

“This will scale back time and compliance cost,” Vijay mentioned. It may even scale back the scope to control data being despatched to totally different regulators in an effort to adjust to totally different rules or to keep away from taxes, he mentioned.

A brand new firm now mechanically will get a everlasting account quantity with out having to make a separate utility on account of integration of the earnings tax and company affairs platforms as additionally 9 extra companies together with provident fund registration.

MCA is now eager to combine numerous different platforms to make sure that corporations are saved from the duty of a number of filings with a number of our bodies together with the regulators. Trade Receivables Discounting System (Treds) for micro, small and medium enterprises (MSMEs) can also be being built-in.

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