To assist India in improving on the ease of doing business, Commerce Minister Piyush Goyal on Thursday pressured on putting in a single-window online system for entrepreneurs to get important vital and state approvals to release a business.
These are all-in-one form for regulatory approvals in favour of entrepreneurs. Goyal said that the device could leverage competencies of existing systems to offer time-bound approvals (for applications) and additionally update investors about that on a real-time basis. Suggesting required steps towards the ease of business release, the minister stated that it could be a single application form that could entail a single-time upload of all relevant data & documents. Goyal was talking to the industry ministers of states, UTs, and senior officials of central and state governments via video conference.
The government had, in February this year, notified SPICE form to replace the existing SPICE form and offer 10 services by way of 3 Central government ministries and departments which include Corporate Affairs, Labour & Department of Revenue in the Ministry of Finance and Maharashtra government. This was for saving time and cost for starting a business in India.
The various services includes incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO registration, ESIC registration, Profession Tax registration (Maharashtra), and the mandatory opening of bank account for the company and allotment of GSTIN (if applied).
Piyush Goyal also urged the local bodies to get involved within the initiative of this gadget and pointed that the perception of deemed approval may be adopted to make the system effective. The minister stated that the window can be the showpiece of the government’s cooperative, and collaborative federalism even by asking the states to partner with DPIIT for the attempt.
The World Bank’s Ease of Doing Business Report 2021, which is probable to be out in -3 months, would factor in India’s efforts closer to turning into more business and investor-friendly ecosystem to rank it above or below the 2020 rank of 63 last year. India had jumped 14 ranks from 77th position in 2019 among 190 countries globally while the Modi government is asking to break into the top 50 ranks.