In an attempt to make India a better destination for business investments, the government has taken measures concerning registration, tax systems, and permit requirements to attract more companies in the country.
Not a long time from now, when the political face of the country was experiencing a change, India’s ranking in ease of doing business went down a few more points.
In May 2014, India was ranked 134 of 189 countries in the ‘ease of doing business’ survey conducted by the World Bank.
In an attempt to make India a better destination for business investments, the government has taken measures concerning registration, tax systems, and permit requirements to attract more companies in the country.
Promoting the Make in India initiative, in an attempt to encourage companies to start-up in India, the government is now working on cutting down registration period for companies from 25 days to one day.
Also, a raft of measures like reduction in number of permits required, ease in property registration, quick electricity connection, are among a few measures that are expected to make the country a friendlier investment destination.
The Department of Industrial Policy and Promotion (DIPP) has been made the nodal agency for pushing these procedural reforms. The DIPP has also set a time period of 3-6 months for implementing the changes in the system. The department has also requested all ministers to come on board and work to reform the regulatory structure and mend the business climate in India.
One of the major focus areas are reforms of the tax system. It has been suggested that the number of taxes be reduced and online payment of taxes allowed. There is a concrete emphasis to expeditiously implement the Direct Tax Code (DTC) and Goods and Service Tax (GST). The DIPP has also set individual time frames for individual departments to bring about the changes.
The world economy is rising every single hour and in every way is affecting the Indian economy. We hope the new government stands by their approach of economic development of the country.
