Union Government announced measures to improve Ease of Doing Business ranking

Dec 20, 2016 18:11 IST

The Union Ministry of Finance on 19 December 2016 announced various measures to improve ease of doing business in the country.

The objective of these measures is to improve country’s ranking in the World Bank’s report on Ease of Doing Business.

CA eBook

Some of the major decisions announced are

• eBiz portal shall be mandated for starting a business which shall include three services of Ministry of Corporate Affairs, Registration for PAN and TAN and also for EPFO & ESIC.

• Ministry of Corporate Affairs and Ministry of Labour and Employment will work towards reducing the number of procedures for starting a business to 4 and the number of days to start a business also to 4.

• Shram Suvidha Portal shall be the only portal for filing returns, challan and making online payment for EPFO & ESIC contributions as well as other filings and payments.

• Department of Revenue and Ministry of Shipping shall work towards increasing the number of direct delivery consignments to 40 percent by end of this month.

World Bank released Doing Business Report

• These Departments shall also ensure that the cost and time to export and import gets reduced substantially to bring India within top 50 ranks.

• Ministry of Corporate Affairs shall work with the concerned stakeholders so that the provisions recently enabled under the Insolvency and Bankruptcy Code are implemented.

• To further improve the country’s rank in the indicator ‘Getting Credit’, Department of Financial Services and Ministry of Corporate Affairs shall work towards integrating CERSAI database with ROC Registry of Charges to create a single registry of assets.

• The initiative of eCourts should be expedited for electronic filing of complaints, summons and payments.

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