Ease of doing business: All-in-one form for regulatory approvals in offing for entrepreneurs

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August 27, 2020 7:22 PM

Ease of Doing Business for MSMEs: The government had in February this year notified SPICe+ to offer 10 services including incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO registration, ESIC registration, Profession Tax registration (Maharashtra), mandatory opening of bank account for the company and allotment of GSTIN via a single web form.

Goyal added this would also help India become a "hospital for the world".Goyal was talking to the industry ministers of states, UTs and senior officers of central and state governments via video conference for boosting industrial activity.

Ease of Doing Business for MSMEs: In what could possibly help India further improve on the Ease of Doing Business index, Commerce Minister Piyush Goyal on Thursday stressed on setting up a single-window online system for entrepreneurs to get necessary central and state approvals to launch a business. Goyal said that the system could leverage capabilities of existing systems to offer time-bound approvals (for applications) and also update investors about that on a real-time basis. Suggesting required steps towards the ease of business launch, the minister said that it could be a single application form “which could entail single-time upload of all relevant information & documents.” Goyal was talking to the industry ministers of states, UTs and senior officers of central and state governments via video conference.

The government had in February this year notified SPICe+ we form to replace the existing SPICe form and offer 10 services by three Central government ministries and departments including Corporate Affairs, Labour & Department of Revenue in the Ministry of Finance and Maharashtra government. This was intended towards saving time and cost for starting a business in India. The 10 services included incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO registration, ESIC registration, Profession Tax registration (Maharashtra), mandatory opening of bank account for the company and allotment of GSTIN (if applied).

Also read: SIDBI’s CGTMSE offers banks ‘provisional guarantee’ to lend to MSEs; aims to fast-track loan requests

Piyush Goyal also urged the local bodies to get involved in the initiative this system “and a notion of Deemed approval can be adopted to make the system effective,” he added. The minister said that the Window could be the showpiece of the government’s cooperative, collaborative federalism even as asked the states to partner with DPIIT for the effort.

The World Bank’s Ease of Doing Business Report 2021, which is likely to be out in two-three months, would factor in India’s efforts towards becoming 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 even as Modi government is looking to break into top 50 ranks.

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