The Central government is planning to scrap thousands of compliance requirements for companies in two phases by August 15, department for Promotion of Industry and Internal Trade (DPIIT) secretary Guruprasad Mohapatra said on Tuesday.
The move help reduce the compliance burden in 10 of the areas that adversely impact time and cost of businesses.
Addressing industry leaders through a webinar last week, PM Modi had promised to drastically reduce India Inc’s burden by doing away with 6,000 compliance requirements. This is part of the govt’s endeavor to further improve the ease of doing business as well as ease of living, particularly in the wake of the Covid-19 outbreak.
For the first phase where the deadline is March 31, the compliance work will be eased in six areas that do not require changes to any legislation. The areas include removal of renewal requirement in case of licenses; conducting the third party or joint inspections along with government authorities; standardizing and simplification of returns filings and reducing the number of the filing requirement, doing away with the maintenance of records and registers; minimizing or removing the need for display in case of licenses, and digitizing and simplifying all manual records and procedures.
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