The government is exploring possibilities to launch a single online compliance framework for Indian companies to enable them to comply with different regulatory requirements in one attempt. The objective is to reduce the compliance burden of the corporates.
In this respect, various discussions have been started by the Ministry of Corporate Affairs (MCA) with Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and the Department for Promotion of Industry and Internal Trade (DPIIT) on the possibility of creating a single platform or compliance forms with common data sources.
The move will help the companies to ease their compliance requirements and avoid duplication of filings and, thus, save compliance cost. It will also reduce the scope for manipulations of regulations and avoidance of taxes. The present initiative is to further the cause of ease of doing business in India.
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