Business

Government plans 3 days registration process to improve ease of doing business ranking

In an attempt to make into the top 50 countries in ease of doing business ranking, the DPIIT is working on improving India’s ease of doing business by 27 places this year.

company registration

Government plans 3 days registration process to improve ease of doing business ranking  |  Photo Credit: BCCL

New Delhi: Soon, companies may take only three days to register with the central agencies. India may put in a single clearance process for registration of permanent account number (PAN), goods and services tax (GST), Employee’s Provident Fund Organization (EPFO) and Employee State Insurance Corporation in a span of just three days.

In an attempt to make into the top 50 countries in ease of doing business ranking, the Department for Promotion of Industry and Internal Trade (DPIIT) is working on the improving India’s ease of doing business by 27 places, according to The Economic Times.

According to a senior government official, “Currently, there are issues on name reservation that is being sorted out by the ministry of corporate affairs.”

At times clearances take longers time due to the queuing at other agencies, which is being fixed. A proposal is made for a seamless process in HTML format for registration with the central agencies. This will ensure a single clearance of process. Apart from this, instead of digital signatures, authentication will be established in order to speed up the registration process.

It is worth mentioning that, India has secured 77th rank in the ease of doing business in the year 2018, improving its rank by 23 positions. It was ranked 100th in 2017. In the last two years, India has climbed by 53 positions. In the 2014 to 2018 period, India has climbed 65 places whereas China dropped 27 places.

Last year, the World Bank has noted eight reforms including starting a business, getting electricity, dealing with construction permits, getting credit, paying taxes and trading across borders, etc.

The Department for Promotion of Industry and Internal Trade’s plan for ranking upgrade also comprise changes to the insolvency framework to align it with international best practices, property registration, payment and refund of taxes and enforcement of contracts and to make it effective.

[“source=timesnownews”]