Starting a Business made simpler and easier: DIPP

New Delhi, May 26 (KNN) The Government of India has, in collaboration with the State Governments of Delhi and Maharashtra, undertaken significant reform measures to improve our rank in Starting a Business parameter, according to a DIPP newsletter on Ease of Doing.

The rank has improved from 164 to 155 over the last one year, it said.

“Registration with ESIC and EPFO has been made real-time by eliminating all physical touch-points. The requirement of opening a bank account has been removed as a mandatory condition for registration with ESIC and EPFO,” said the newsletter on reforms undertaken towards doing business in India.

The system of issuing PAN and TAN has been put in place together within T+1 days on an application using digital signatures on the e-biz platform.

PAN and TAN numbers can be issued on CBDT’s portal within T+3 days without digital signature. Maharashtra state has combined the process of registration with VAT and profession tax.

“The registration will now be granted in 24 hours and the same has been adopted by Delhi VAT,” it said. 

The newsletter further said that the Form INC 29 has been launched by Ministry of Corporate Affairs to avail 3 pre-registration services viz. ‘Name Availability’, ‘Director Identification Number’ and ‘incorporation of company’ with one form and one payment.  

These changes will scale down the number of procedures and days taken to start a business which will slash the costs involved as well, said the DIPP newsletter. (KNN Bureau)