The compliance ecosystem in India is fluid. In the last year alone, there were 3,577 updates in the compliance requirements, averaging at roughly 10 updates per day. These changes feature in over 2,000 union, state, and local government websites in the form of notifications, directions, circulars, advisories, orders, amendments, and so on. Staying on top of these regulatory updates is important for any employer given that they pertain to crucial changes in procedures, dates, penalties, calculations, and applicable duties, among others. A lack of awareness about the latest regulatory developments can result in compliance errors and inadvertent lapses, which, in turn, can cause heavy revenue leakages.
Did you know that just last month (June 2022), there were a total of 509 regulatory updates across union and state legislations? 78% of these updates occurred at the union level, while the rest 22% were accounted for at the state level. Across the compliance categories, industry-specific regulations underwent the major chunk of updates (43%), followed by finance and taxation (22%), secretarial (16%), commercial (9%), labour (7%), and environment, safety and health (3%).
Ignorance of the law excuses no one. Given the highly dynamic nature of India’s regulatory landscape, employers must make all efforts to keep abreast of the latest compliance updates. 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 categorises the most significant updates and provides a short explainer on each of them to provide better insight into its potential implications.
The 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 JUNE 2022
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