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SINGLE E-COMPLIANCE WINDOW FOR COMPANIES



The MCA has initiated the discussion with various regulators including SEBI, RBI and DPIIT on the probability of creating a single e-compliance window for companies. This new initiative will help the companies in complying with the different regulatory requirements in a uniform manner. The intention is to reduce the compliance burden on the companies. 
After launching of faceless assessment under Income Tax, one nation on tax and National Health Digital Mission, this initiative of the e-compliance window will boost the economy, bring more feasibility and transparency in the compliance.
This portal will prevent the companies from falling into duplicity of the filings and it will help in the ease of doing business. Companies at present have to make multiple filings. Different regulators have different requirements and formats for the 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.

Following are the other benefits of this portal:
  • It reduces the scope of manipulations, as data will send to different regulators uniformly
  • 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.
  • Within the plan, Trade Receivables Discounting System (Treds) for the Micro, Small and Medium Enterprises (MSMEs) is also being integrated. 

Ease of doing business is a key priority for government and various steps are in line which will help the country break into the top 50 in the World Bank’s Ease of Doing Business Index. The ministry has also been working on version three of MCA-21 which will further simplify user-interface, which is likely to roll out from September 2021. The government’s plan to reduce the compliance burden in all the areas as part of the ease of doing initiative and to make India attractive to foreign investors.

For more information, please contact below

Compliance Chambers
Advisory & Consulting
Address F-2 / 151, Sector - 11
Rohini, New Delhi |  Pin Code 110085
Email Us at: compliance.chambers@gmail.com
Website: https://compliancechambers.blogspot.in/
Abhimanyu Rajpurohit:  +91 93100 48341, +91 7838060605
Manish Nama:               +91 88007 22330, +91 88004 22330

Comments

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