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Karnataka govt to reduce regulatory compliance burden on MSMEs

Updated: Aug 01, 2020 08:13:47am
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Karnataka govt to reduce regulatory compliance burden on MSMEs

Mysuru, Aug 1 (KNN) In a bid to give some relief to Micro, Small and Medium Enterprises (MSMEs) from paper works during COVID-19 pandemic, the Karnataka government is in the process of simplifying the procedure of registrations and submission of reports.

In this regard, the Industries and Commerce Department has asked Mysore Industries Association (MIA) along with other industry organisations of Karnataka to give suggestions and proposals for the same. 

Presently 23 registrations and 34 acts along with 186 reports are being maintained by the MSME Ministry.

''Due to corona impact, most of the MSMEs have failed in complying with the statutory requirements of the central and state governments and the MSMEs are pressuring the governments to announce an exit policy for them,'' said MIA in a statement.

''The department has now initiated to bring some reforms, simplification and minimising the submission of reports and registrations,'' it added.

MIA has sought inputs from all Industrialists, tax consultants and industry consultants in this regard by email before August 10.

The inputs can be forwarded to mysurumia@gmail.com.

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