A new consolidated e-compliance platform is in the works for businesses to comply with different regulatory requirements in one place.
The Government’s primary aim with creating a new e-compliance platform is to reduce the burden of compliance for MSMEs.
What is compliance for businesses?
Compliance for small businesses is basically to comply with all laws and regulations set by the Government. Both your business and vendors need to comply with the rules and regulations of the regulatory body.
Compliance helps you take care of any legal requirements from trademark, copyright issues, financial regulations, tax regulations, etc. Now, imagine being able to do all these different types of compliances via forms on one platform!
An example of compliance is – getting your business license, or paying taxes on time. It’s important to keep your business compliant in order to:
- Reduce legal charges or penalties for your business in the long run.
- Ensure workers and employees safety and job security
- Better PR and brand publicity for your company
4 Features of the upcoming e-compliance platform
As per an ET article, The Ministry of Corporate Affairs (MCA) is initiating discussions with the RBI, SEBI, Department of Promotion of Industry and Internal Trade, to create a single compliance platform with common data sources for businesses.
Here are 5 features of the new e-compliance platform that will benefit businesses in the country
- The common platform will help integrate databases of the corporate affairs ministry and other bodies to bring down duplication in the filing.
- At present, businesses need to make multiple filings on different platforms, for different regulators. With the new compliance platform, there will be one single repository from which all regulators can pull the required data for the businesses.
- The new platform will reduce the scope to manipulate information being sent to different regulators to avoid paying taxes.
- New businesses will automatically get a PAN without making separate applications. This will be possible due to the integration of income tax and corporate affair platforms.
LegalWiz – getting compliance in motion for all businesses
The Government is working towards reducing the compliance burden for MSMEs in India with the new compliance platform. They are integrating with trade regulators, finance and tax regulators to join all services to one platform. This will save time for the Indian business owner.
Unfortunately, businesses might need to wait a few months for the platform to go LIVE. Fortunately, there are companies like Legalwiz to help you.
Legalwiz offers compliance services to all businesses through the Mojo Developers Program at a highly discounted rate to promote compliance awareness and need of a compliant partner for startups and SMEs. LegalWiz.in boasts 5000+ clients pan India with 9.6/100 unfiltered customer ratings.
If you wish to learn more about legal compliance for your business, you’re in luck! Sign up for a free course on mojoVersity on – ‘Legal and Compliance Matters for MSMEs’. This course, curated by Legalwiz, aims to help MSMEs to:
- Think proactively about being compliant and avoid penalties
- Secure their intellectual properties
- Obtain appropriate licenses and registrations to operate legally
- Select appropriate professional service providers
- Safeguard business interests through adequate contracts in place