Single e compliance window soon: MCA initiates discussions with RBI, Sebi, DPIIT on transfer of data.
NEW DELHI: The government is looking to develop a single online compliance framework for India Inc to enable companies to comply with different regulatory requirements at one go, an official privy to the development said.
“The idea is to reduce compliance burden,” a senior government official told ET.
The corporate affairs ministry has initiated discussions with various regulators including the Reserve Bank of India, Securities and Exchange Board of India (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.
A new company now automatically gets a permanent account number without having to make a separate application due to integration of the income tax and corporate affairs platforms as also nine more services including provident fund registration.
MCA is now keen to integrate various other platforms to ensure that companies are saved from the task of multiple filings with multiple bodies including the regulators. Trade Receivables Discounting System (Treds) for micro, small and medium enterprises (MSMEs) is also being integrated.
In the proposed single platform, there can be an auto-fill system which pulls the required data from MCA-21, an e-governance initiative to enable easy access to MCA services.
The ministry is also working on version three of MCA-21, further simplifying user-interface, that would be rolled out from September next year, said the official quoted earlier.
The government is keen to reduce compliance burden in all areas as part of the ease of doing initiative and to make the country attractive for foreign investors.
Prime Minister Narendra Modi had last week rolled out faceless or jurisdiction-free income-tax assessment and appeal that will eliminate any physical interface with a tax officer. India had rolled out the goods and services tax in July 2017 to replace multiple taxes at central and state level.
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 ..