There are different due dates, multiplicity of forms and formats, duplication and redundancy in record-keeping requirements, complex procedures, ambiguous interpretations, leading to a really complex regulatory environment.
What is the level of compliance burden for an industrial establishment now?
India has a universe of 1,536 Acts, 69,233 compliances and 6,618 filings across central and state governments. Approximately 44% of the Acts (677) and 37% of these compliances (25,537) are at the central level. A small company with one factory in a single state deals with over 750 compliances and 120 filings across 60 Acts. The number grows exponentially as the company becomes multi-business and multi-locational. A mid-sized manufacturing company with five-six factories across multiple states deals with over 5,500 compliances and 530 filings in a year. There are different due dates, multiplicity of forms and formats, duplication and redundancy in record-keeping requirements, complex procedures, ambiguous interpretations, leading to a really complex regulatory environment. In addition, the regulatory environment in India is fluid and laws change over 3,000 times a year. Staying on top of all the regulatory changes and compliant is challenging.
Source: Financial Express
