The Union Territory of Jammu & Kashmir recently pioneered in integrating the National Single Window System (NSWS), marking a significant stride towards the Ease of Doing Business (EoDB). This platform is associated with the India Industrial Land Bank (IILB) that comprises 45 industrial parks of J&K, fostering investors to discover vacant land parcels in the territory for potential business opportunities.
The National Single Window System
The National Single Window System, introduced by the Ministry of Commerce and Industry in September 2021, serves as a unified digital platform. It is designed to simplify the process for investors seeking various pre-operations approvals necessary to commence a business in India. The system streamlines business registration, offers online approvals, and eliminates the need for physical visits to government offices.
Significance of NSWS
The NSWS is envisioned as a “one-stop-shop” facilitating compliance with state and central government regulations. It introduces transparency, accountability, and responsiveness into the business ecosystem. The system also integrates a ‘Know Your Approvals’ service, informing businesses about the necessary approvals, a common registration form, document repository, and e-communication module. NSWS bolsters other initiatives like Make in India, Startup India, PLI scheme, etc.
Other EoDB Initiatives
Several other initiatives have been undertaken to enhance the EoDB. In the Union Budget speech 2020, the Investment Clearance Cell (ICC) was declared. The ICC aims to offer end-to-end facilitation to investors, including pre-investment advisory, information about land banks, and facilitating clearances at both state and center levels. The cell is proposed to operate via an online digital portal.
The Insolvency and Bankruptcy Code (IBC) and Companies Act, 2013, underwent amendments, leading to a decriminalizing effect. Corporate tax saw a decrease from 30% to 25% for mid-sized companies.
MCA21 Project and SPICe+
The Ministry of Corporate Affairs (MCA) initiated the MCA21 project. The project offers easy and secure access to MCA services for corporate entities, professionals, and the general public. The MCA also launched the Simplified Proforma for Incorporating Company Electronically Plus (SPICe+) web form to ease the process of company incorporation.
CBIC Initiatives
The Central Board of Indirect Taxes & Customs (CBIC) introduced eSanchit, an initiative for paperless processing and uploading of supporting documents to facilitate trading across borders. Additionally, an e-assessment scheme for taxpayers was implemented to streamline the taxation process.