Just 5 days is enough to start your business in India

Now, to start a new business, 10 processes have to be completed. For this, 18 days have been fixed. The government now wants to bring it down to 5 processes and 5 days. In addition to the name reservation, registration, 10 important services including registration for payment of various taxes like GST will be made available in two forms soon. So far, 6 different forms have to be filled for them.

A government official said that the Ministry of Corporate Affairs will issue both these forms - 'Spice Plus' and 'Agile Pro' in the next one month. With both these forms, now GSTIN, PAN, TAN, ESIC, EPFO, DIN, bank account and professional tax can be accessed.

An official told on the condition of anonymity, "Both these forms will be available online and it will be very easy to use them. In the SPICE Plus (Incorporation Form), you will be able to apply for services other than name and Incorporation. Has to be registered. Apart from this, registration for professional tax is also included with the Director Identification Number (DIN) and Permanent Account Number (PAN), Tax Deduction and Collection Account Number (TAN) and Goods and Services Tax Identification Number (GSTIN) at the time of incorporation. is.

This will make the process of starting a business in the country much easier. India was ranked 136th out of 190 countries in the 'Ease of doing a business' category of the World Bank's Ease of Doing Business (EODB) rankings. The official said that the Ministry of Corporate Affairs, Ministry of Finance, Ministry of Labor and the Government of Maharashtra are working together to improve it. He told that the government has also joined hands with eight banks, which will help the recently registered companies in applying for bank accounts at the time of incorporation. Experts say that these steps will reduce the time taken to start a business. "By adding GST and other business registrations to the process of company registration, the process of starting a business in the country will be much easier and this will reduce the time taken to start the business," said Anrik Singhi, partner in law firm Corporate Professionals.