The regulatory compliance landscape in India is highly dynamic, with an average of 16 updates per day. In FY22-23 alone, there were as many as 5,986 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 developments is essential for any business to avoid compliance errors and inadvertent lapses.
Did you know that just last month (October 2023), there were a total of 795 regulatory updates across union and state legislations? 67% of these updates occurred at the union level, while the rest 33% were accounted for at the state level. Across the compliance categories, finance and taxation regulations underwent a significant chunk of updates (33.5%), followed by industry-specific (31%), secretarial (20%), commercial (6.8%), labour (4.8%), and environment, safety and health (3.9%).
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 for those actively involved in compliance management and anyone looking to better understand the country’s evolving regulatory ecosystem.
You might also be interested to read:Monthly Compliance Roundup for September 2023