The regulatory compliance landscape in India is highly dynamic, with an average of 10 updates per day. In 2021 alone, there were as many as 3,577 updates in the 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 (July 2022), there were a total of 555 regulatory updates across union and state legislations? 60% of these updates occurred at the union level, while the rest 40% were accounted for at the state level. Across the compliance categories, finance and taxation regulations underwent the major chunk of updates (54%), followed by industry-specific (24%), secretarial (10%), commercial (4%), labour (4%), and environment, safety and health (4%).
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 on 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 who are actively involved in compliance management but also for anyone looking to gain a better understanding of the evolving regulatory ecosystem in the country.
Download the MONTHLY COMPLIANCE ROUNDUP JULY 2022
You might also be interested to read: The Path Ahead for Strengthening Compliance Management
