Compliance necessity in India- Where does India stand compared to other countries?

Compliance Complexity in India

In recent times, India has emerged as the biggest and fastest growing economy in the world. The government of India’s “Make in India” campaign paired with other initiatives such as “Skill India”, “Digital India”, etc., has gathered huge interest among various domestic and overseas stake holders. The growth story of India is sufficient proof that the Indian market will prove to be encouraging and beneficial for budding entrepreneurs and startup companies in the coming years. Also, with time India has fallen out of the top 10 in the Financial and Compliance Complexity Index. The compliance calendar in India has only 170 compliance.

Having said that, starting and operating business in India would require keen ability to understand a few complex and some not so complex realities concerning the Statutory compliance, Regulatory compliances and GST & Income Tax compliance associated to this country. However, India is no longer among the most complex countries for financial compliance in the world.

In this article, we will discuss the whole list of various compliance and Compliance calendar that a business needs to follow in a year.

Most of the compliance requirements have opted for digital platforms and that has unlocked productivity and enabled tighter implementation of laws with more severe penalties for offenders. The digital platforms for fulfilling compliance requirement simplifies processes and encourages businesses to tap into India’s vast economic opportunity.