Company incorporation now available under centre’s single-window approval system

Increasingly, the government has been bringing various regulatory services under a single platform for ease of doing business. In the MCA21 portal, the ministry offers various services like getting a permanent account number (PAN), bank account and GST registration while applying for incorporation of a business in one go, a government official said on condition of anonymity.

The ministry is also in the process of offering adjudication of a host of compliance defaults and other lapses which have been decriminalised, entirely virtually in a new IT module, which will be added to the MCA21 portal. The trend is to cut down the physical interface between the authorities and the business community and to manage approvals and adjudication virtually, which will also introduce more objectivity in decision-making.

The ministry is increasingly adopting the model of ‘faceless’ and centralised decision-making followed by the income tax department in income assessments and handling appeals. The corporate affairs ministry introduced a centralised processing centre for the voluntary winding up of companies in April. Under this, the time taken for companies to voluntarily exit the business has come down to about 100 days now compared to about 180 days earlier, Mint reported on 4 October citing Manoj Govil, secretary in the Ministry of Corporate Affairs.

Separately, the ministry has taken up a review of all regulations this month with the idea of reducing the cost of doing business in consultation with the business community.

Source from: https://www.livemint.com/news/india/company-incorporation-now-available-under-centre-s-single-window-approval-system-11698153125123.html