Companies may take only 3 days to register with central agencies

Companies may take only 3 days to register with central agencies.

Govt plans to expedite the process of PAN, EPFO, GST clearances for setting up a firm.

When Modi government took over in 2014, India was ranked 142 among 190 nations in the  World Bank’s Ease of Doing Business Index. India jumped to 77th rank, lungeing up by 23 ranks, in the World Bank’s Ease of Doing Business Index 2018. Notwithstanding, the country ranks poorly in many sectors, even below 100 in some of these heads, which the DPIIT will look into.

In order to come into the top 50 countries list for ease of doing business, India may soon put in place a simple, single clearance process to incorporate a company with seamless registration of permanent account number, Tax Account Number, Goods and Services Tax, Employee Provident Fund Organisation and Employee State Insurance Corporation in flat three days.

The Department for Promotion of Industry and Internal Trade or DPIIT, is working on the next set of measures for improving India’s Ease of Doing Business ranking by 27 places for the country to enter the top 50.

At present, there are issues on name reservation that is being sorted out by the ministry of corporate affairs, said a senior government official. Sometimes, due to queuing at other agencies, clearances can take longer, which is being fixed.

A seamless process in html format is being proposed for registration with all central agencies, which will ensure a single layer of process.

An alternative to authentication in place of digital signatures will be established as part of this plan to speed up registration.
India jumped 23 points in the World Bank’s ease of doing business ranking to 77th place in October last year.

The DPIIT’s plan for ranking upgrade also includes changes to the insolvency framework to make it more effective and to align it with international best practices, property registration, payment and refund of taxes and enforcement of contracts.

India ranks below 100 in some of these heads, which the DPIIT is looking to set right.

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