All About Regulatory Compliance Portal
On 20th January 2021, DPIIT (Department for Promotion of Industry and Internal Trade) introduced the regulatory compliance portal with the motive to reduce the compliance burden of taxpayers and businesses.
What is Regulatory Compliance?
Compliance in general means adhering to a policy, standard, or law framed by the government. Regulatory compliance means the objective that organizations try to accomplish in their endeavor to ensure that they comply with relevant laws, policies, and regulations. Businesses are using different compliance solutions such as GST software, e-invoicing software, etc., to stay up-to-date and stay compliant with the increasing number of compliance. These compliance solutions help the businesses to stay compliant with all the governance requirements.
What is Regulatory Compliance Portal?
Regulatory compliance portal is a first-ever portal launched by DPIIT that will act as an online repository containing information about central-level and state-level compliance. The regulatory compliance portal will also act as a link between taxpayers and the Government to lessen the compliance burden.
Why is Regulatory Compliance Portal Introduced?
Department for Promotion of Industry and Internal Trade (DPIIT) introduced the regulatory compliance portal to address the following three issues:
- Ease the compliance burden in Central and State acts;
- Simplify the citizen-government interface; and
- Removal of Acts and regulations which do not add value.
How will Regulatory Compliance Portal Work?
Industry experts from trade bodies such as FICCI, CII, and ASSOCHAM will submit their views regarding compliance and propose recommendations if any.
Then the concerned authorities will assess the recommendations.
Department for Promotion of Industry and Internal Trade (DPIIT) will then take steps to eliminate compliances that have an adverse impact on the time and cost of businesses.
Benefits of Regulatory Compliance Portal
Regulatory Compliance Portal will be beneficial to both taxpayers and government in following ways:
- Enhance the ease of doing business in India
- Remove the unnecessary burden of compliance
- Promote the government’s motto- “Atma Nirbhar Bharat”
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