Indian Economy
National Single Window System
- 12 Feb 2022
- 3 min read
For Prelims: National Single Window System, Ease of Doing Business.
For Mains: Significance of National Single Window System in Ease of Doing Business.
Why in News?
Recently, Jammu & Kashmir became the first Union Territory to be onboarded the National Single Window System (NSWS).
- This marks a major leap in Ease of Doing Business (EoDB) in the Union Territory.
- NSWS is linked with India Industrial Land Bank (IILB) which hosts 45 industrial parks of J&K. This will help Investors to discover available land parcels in J&K.
What is the National Single Window System?
- The platform was soft launched in September 2021 by the Ministry of Commerce and Industry.
- It is a one-stop digital platform that aims at allowing investors to apply for various pre-operations approvals required for commencing a business in the country.
- It makes the business registration process easier, allowing the beneficiary to get significant approvals online, without having to run to the government offices for approvals and can avail themselves of services with just a click.
What is the Significance?
- It would become a “one stop shop” for state and Central government compliances and bring transparency, accountability and responsiveness in the ecosystem.
- It will also offer a Know Your Approvals service to inform businesses of the details of all the approvals they need to obtain as well as a common registration form, document repository and e-communication module.
- It will provide strength to other schemes e.g. Make in India, Startup India, PLI scheme etc.
What are Other Initiatives to Improve EoDB?
- In the Union Budget speech 2020, the Investment Clearance Cell (ICC) was announced.
- ICC will provide “end to end” facilitation and support to investors, including pre-investment advisory, provide information related to land banks and facilitate clearances at Centre and State level. The cell was proposed to operate through an online digital portal.
- Amendments to Insolvency and Bankruptcy Code (IBC) and Decriminalisation under Companies Act, 2013.
- Reduction of corporate tax from 30% to 25% for mid-sized companies.
- The Ministry of Corporate Affairs (MCA), has initiated the MCA21 project, which enables easy and secure access to MCA services in an assisted manner for corporate entities, professionals, and the general public.
- It has also launched the Simplified Proforma for Incorporating Company Electronically Plus (SPICe+) web form.
- The Central Board of Indirect Taxes & Customs (CBIC) has launched eSanchit (e-Storage and Computerised Handling of Indirect Tax documents) for paperless processing, uploading of supporting documents and to facilitate the trading across Borders.
- E-assessment scheme for taxpayers.
