The regulatory compliance landscape in India is highly dynamic, with an average of 13 updates per day. In 2022 alone, there were as many as 4,880 updates w.r.t compliance requirements. These regulatory changes are notified on over 2,000 union, state, and local government websites in the form of notifications, directions, circulars, advisories, orders, amendments, and so on. More often than not, these regulatory updates pertain to crucial changes in procedures, dates, penalties, calculations, and applicable duties, among others. Staying abreast of the latest regulatory development is essential for any business in avoiding compliance errors and inadvertent lapses.
Did you know that just last month (February 2023), there were a total of 597 regulatory updates across union and state legislations? 73% of these updates occurred at the union level, while the rest 27% were accounted for at the state level. Across the compliance categories, industry-specific regulations underwent a significant chunk of updates (36%), followed by secretarial (24%), finance and taxation (19%), labour (10%), commercial (8%), and environment, safety and health (3%).
Ignorance of the law excuses no one. Given the fluid nature of India’s regulatory landscape, employers must make all efforts to stay updated on the latest compliance changes. This is why we bring to you the Monthly Compliance Roundup from our knowledge partner ‘TeamLease RegTech’, a brief summary of the major regulatory updates in a month. It groups together the most significant updates and provides a short explainer of each update to provide better insight into its potential implications. The Monthly Compliance Roundup is intended to provide a unique bird’s eye view of the latest and notable changes in India’s compliance universe. This document can be a great value addition not only for those actively involved in compliance management but also for anyone looking to better understand the country’s evolving regulatory ecosystem.”
Download the MONTHLY COMPLIANCE ROUNDUP FEBRUARY 2023
You might also be interested to read: Monthly Compliance Roundup December 2022