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What’s in news?

Ministry of Corporate Affairs inaugurated the ‘SPICe+’ Web Form.

Key data’s:

  • As part of the Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs (MCA) has notified a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form.
  • SPICe+ would offer 10 services by 3 Central Govt Ministries & Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Government (Maharashtra), thereby saving as many procedures, time and cost for Starting a Business in India and would be applicable for all new company incorporations.
  • It offers 10 services namely DIN allotment, issue of PAN, TAN, EPFO. ESIC registration, opening bank account for a company, allotment of GSTIN, issue of Profession Tax, etc.
  • The new web form would facilitate On-screen filing and real-time data validation for the seamless incorporation of companies.
  • For ensuring ease while filing, it has been structured into various sections. Information once entered can be saved and modified.
  • Registration for EPFO and ESIC shall be mandatory for all new companies to be incorporated through this and no EPFO & ESIC registration nos. shall be separately issued by the respective agencies.
  • Registration for Profession Tax shall also be mandatory for all new companies to be incorporated in the State of Maharashtra through SPICe+.
  • All new companies incorporated through SPICe+ would also be mandatorily required to apply for opening the company’s Bank account through the AGILE-PRO linked web form.

Ease of Doing Business Ranking:

  • In 2019, the World Bank placed India at the 136th rank for Ease of Starting Business. It was provided the 154th and 115th ranks for paying taxes and enforcing contracts respectively.
  • Therefore, it is essential for initiatives such as SPICe+ to improve India’s position globally.

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