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India jumped 14 places to the 63rd position on the World Bank's <keyword id="6354423" type="DEFINITION" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> ranking released on Thursday, riding high on the government's flagship 'Make in India' scheme and other reforms attracting foreign investment. The country also figured among the the top 10 performers on the list for the third time in a row. The rankings come at a time when the Reserve Bank of India (RBI), World Bank, International Monetary Fund (IMF) and various rating agencies have slashed the country's growth forecasts amid a slowdown in the global economy. India was ranked 142nd among 190 nations when Prime Minister Narendra Modi took office in 2014. Four years of reform pushed up India's rank to 100th in World Bank's 'Doing Business' 2018 report. It was 130th in 2017 when it was ranked lower than Iran and Uganda. Last year, the country jumped 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas. In its 'Doing Business' 2020 report, the World Bank commended the reform efforts undertaken by the country "given the size of India's economy". "This is the third year in a row that India makes to top 10 in Doing Business, which is a success which very few countries have done over the 20 years of the project, Without exception, the other countries that have done this are very small, population-wise, and homogeneous," Simeon Djankov, Director of Development Economics at the World bank told PTI in an interview. "India is the first country of its type to achieve that. It has jumped this year by 14 position," he said. Apart from India, the other countries on this year's 'top 10 performers' list are Saudi Arabia (62), Jordan (75), Togo (97), Bahrain (43), Tajikistan (106), Pakistan (108), Kuwait (83), China (31) and Nigeria (131). Prime Minister Modi's 'Make in India' campaign focused on attracting foreign investment, boosting the private sector — manufacturing in particular — and enhancing the country's overall competitiveness, the World Bank said in its report. The government turned to the Doing Business indicators to show investors India's commitment to reform and to demonstrate tangible progress. In 2015, the government's goal was to join the 50 top economies on the ease of doing business ranking by 2020. While the competition to move up the ladder would increase and become much tougher, India is on track to be within top 50 of the Ease of Doing business in the next year or two, Djankov told PTI in response to a question. And to come under 25 or below 50, the Modi government needs to announce and start implementing next set of ambitious reforms now, as these reforms takes a few years to be realized on the ground, he said. "The administration's reform efforts targeted all of the areas measured by Doing Business, with a focus on paying taxes, trading across borders, and resolving insolvency. The country has made a substantial leap upward, raising its ease of doing business ranking from 130 in Doing Business 2016 to 63 in Doing Business 2020,” the report said. One of the main reasons for improvement in India's ranking this year goes to the successful implementation of the Insolvency And Bankruptcy Code, the World Bank official said. "Before the implementation of the reform, it was very burdensome for secured creditors to seize companies in default of their loans," the report said. "Since its implementation, more than 2,000 companies have used the new law. Of these, about 470 have commenced liquidation and more than 120 have approved reorganization plans, with the remaining cases still pending," it added. In the past, foreclosure was the most common procedure reported by legal practitioners in both Delhi and Mumbai under the case study assumptions measured by the resolving insolvency indicator set, with an approximate duration of 4.3 years, the report said. "Reorganization has become the most likely procedure for viable companies as measured by Doing Business, increasing the overall recovery rate from 27 to 72 cents on the dollar," the bank said. In addition to resolving insolvency, significant improvements were registered in starting business, dealing with construction permits and trading across borders, the report said. "India made starting a business easier by abolishing filing fees for the SPICe (Simplified Proforma for Incorporating a Company Electronically) company incorporation form, electronic memorandum of association, and articles of association," it said. Delhi streamlined the process, reduced the time and cost of obtaining construction permits, and improved building quality control by strengthening professional certification requirements. Mumbai streamlined the process of obtaining a building permit and made it faster and less expensive to get a construction permit. India made trading across borders easier by enabling post clearance audits, integrating trade stakeholders in a single electronic platform, upgrading port infrastructures, and enhancing the electronic submission of documents, the report said. New Zealand, Singapore and Hong Kong topped the list this year. PTI LKJ CK 10240736 NNNN

Narendra Modi will use the jump in India's ease of doing business ranking to shut up his critics

Among 30 developing countries, India now ranks at Number 2 position in <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business&amp;sortorder=effectivedate">ease of doing business</a> index. 
 As per a study, ‘2016 <keyword id="451693" type="ORGANIZATION" weightage="20" keywordseo="Global-Retail-Development-Index">Global Retail Development Index</keyword> (GRDI)’, which ranks top 30 developing countries for <a href="http://www.businessinsider.in/searchresult.cms?query=retail+investment&amp;sortorder=effectivedate">retail investment</a> worldwide, India jumped 13 places up at number two post. 
 
The study, which is topped by China, also took <a href="http://www.businessinsider.in/searchresult.cms?query=GDP&amp;sortorder=effectivedate">GDP</a> growth and better clarity regarding <a href="http://www.businessinsider.in/searchresult.cms?query=FDI&amp;sortorder=effectivedate">FDI</a> regulations into considerations and these have helped India achieve a second ranking. 
 "India's strong ranking reflects foreigner retailers' increased optimism in its retail market and its vast growth potential. India has relaxed several key Foreign Direct Investment (<keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword>) regulations in single-brand retail and this has paved the way for multinational firms to enter the market," said Debashish Mukherjee, a partner with A T Kearney and co-head of the Consumer Industries &amp; Retail Products Practice for India and Southeast Asia. 
 
According to A T Kearney, a London-based business consultancy, India's retail sector has expanded at a compound annual growth rate of 8.8 per cent between 2013 and 2015, with annual sales crossing the USD 1 trillion mark. 
 
India has also become the world's fastest growing economy. That coupled with a large population base and the easing of FDI regulations in the sector has made it an even more attractive market, it said in the ranking. 
 
"We expect to see e-commerce to propel India's growth and make it a more attractive proposition. However, there are some challenges as well. India remains a challenging and complex market for foreign retailers, where understanding dynamics at the state level is important," Mukherjee said. 
 
(Image: Thinkstock)

India is now Number 2 in ease of doing business index

The Indian government is ready to woo <a href="http://www.businessinsider.in/searchresult.cms?query=world+bank&amp;sortorder=effectivedate">World Bank</a> officials in a bid to improve its rankings on <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business&amp;sortorder=effectivedate">ease of doing business index</a>, a report that will be released in October. 
 <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> officials will meet people from <a href="http://www.businessinsider.in/searchresult.cms?query=DIPP&amp;sortorder=effectivedate">Department of Industrial Policy &amp; Promotion</a> (<keyword id="6391107" type="ORGANIZATION" weightage="20" keywordseo="DIPP">DIPP</keyword>), which will present a data on significant improvements made across 14 parameters on which the ranking is decided. 
 
India, which is presently at 130th rank out of 184 nations, will present data on various sectors such as enforcing contracts, resolving insolvency and starting a business, in which India ranked poorly last year. 
 
World Bank researchers will spend two weeks in Delhi and Mumbai and speak with actual users and stakeholders to get the on-ground reality. 
 
"<a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Prime Minister Narendra Modi</a> has given us a mandate that we have to be in the top 50 in the next three years. Dismantling the complex procedures has been a mammoth task. If it was easy it would have been done long time back," DIPP secretary Ramesh Abhishek told ET. 
 
DIPP is targeting areas like <a href="http://www.businessinsider.in/searchresult.cms?query=starting+a+business&amp;sortorder=effectivedate">starting businesses</a>, insolvency procedures, construction permits, ease of trading across borders and electricity connections specifically as there have been said complexities for decades. 
 Meanwhile, India's own ranking of states has improved <keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> across India. "States know they need investments to create jobs, infrastructure, for which they need to provide a business-friendly environment," Abhishek told ET, adding “the Centre is just trying to facilitate these reforms." 
 
Jaijit Bhattacharya, partner, government services and infrastructure, KPMG India, told ET, “The change is happening in all the states. Given the state we are in, we have an enormous amount of work still to do."

India will try to impress World Bank to move up in ease of doing business ranking. Here’s how

Small steps taken by the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government to improve <keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> in the country seem to be paying off. India has jumped 12 positions in <a href="http://www.businessinsider.in/Heres-why-World-Bank-thinks-India-can-make-it-in-top-100-of-ease-of-doing-business-index/articleshow/49563300.cms">World Bank’s this year’s list </a>in which countries are ranked on their ease of doing businesses. 
 
From last year’s 142 slot, India has jumped to 130 this year. Singapore, New Zealand and Denmark have occupied the first three spots in the list. 
 <keyword id="6391107" type="ORGANIZATION" weightage="20" keywordseo="DIPP">DIPP</keyword> secretary <keyword id="6358887" type="PERSON" weightage="20" keywordseo="Amitabh-Kant">Amitabh Kant</keyword> said that he is hopeful of being named into top 50 in the coming three years. Kant further added, "We have reversed the trend by moving up and no country has moved 12 spots in a year. Major reforms are going to kick in from next year which will further improve our position.” 
 State Bank of India’s chief economic officer, <keyword id="6448502" type="PERSON" weightage="20" keywordseo="Soumya-Kanti-Ghosh">Soumya Kanti Ghosh</keyword> said, "Government has taken a lot of micro steps in the last one year and some reforms have been politically sensitive. States have also got into action...if we continue moving up the ranks at this pace we can break into the top 100 very soon." 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=World+Bank">World Bank</a> report also says that among all other countries, India is the one that have made maximum improvements. "India is the South Asian economy recording the biggest increase in the distance to frontier score since 2004," mentioned the report. It also took note of India’s move to cut down days take to start business. 
 
As per the report, the biggest advancement into the Indian set-up of doing business was to give power to businesses which has taken India's ranking from 99 in 2015 to 70 in 2016. 
 
Prime Minister Narendra Modi has set a target of breaking into top 50 in this ranking. Based on the business environment in the cities, the ranking has given 53 and 47 weightage to Delhi and Mumbai respectively. 
 
The report also mentioned India’s move of eliminating the minimum capital requirement and the need to obtain a certificate to commence business operations. 
 
"The utility in Delhi made the process for getting an electricity connection simpler and faster by eliminating the internal wiring inspection by the Electrical Inspectorate. The utility in Mumbai reduced the procedures and time required to connect to electricity by improving internal work processes and coordination," the report noted flagging two areas of improvement. 
Image: indiatimes

Ease of doing business: India ranks 130 in World Bank report

The state-wise report of <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business">ease of doing business</a> is out. <a href="http://www.businessinsider.in/searchresult.cms?query=Gujarat">Gujarat</a> is the most <a href="http://www.businessinsider.in/searchresult.cms?query=indian+states+investment">investment-friendly destination</a>, followed by Andhra Pradesh, Jharkhand, Chhattisgarh, Madhya Pradesh and Rajasthan. 
 
As per a state-wise report released by the government and <a href="http://www.businessinsider.in/searchresult.cms?query=world+bank">World Bank</a> on ease of doing business, <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword> topped with a score of 71.14%. 
 
Andhra Pradesh came at second with 70.12%, Jharkhand at 63.09%, Chhattisgarh fourth with 62.45% and Madhya Pradesh is fifth with 62.00% score. 
 
The states were assessed on the basis of eight areas like setting up a business, allotment of land and obtaining construction permit, complying with environment procedures, complying with labour regulations, obtaining infrastructure related utilities, registering and complying with tax procedures, carrying out inspections and enforcing contracts. 
 
The report stated that the states made good progress in terms of tax reforms. 
 
“General tax reform includes mandating e-registration for VAT and CST; allowing online payment and returns filing of various State taxes; providing e-filing support through service centres and helplines; and risk-based tax compliance inspections," the report revealed. 
 
All 29 states allow <a href="http://www.businessinsider.in/searchresult.cms?query=VAT">VAT</a> to be paid online, and 28 states allow CST to be paid online. “30 States allow e-filing of VAT, 27 States allow e-filing of CST. 21 States have established helplines for users. 25 States have defined timelines for VAT registration, and 21 have defined timelines for CST registration,” the report observed. 
 
(Image: thinkstock)

Gujarat is going to be richer! Tops the ease of doing business list

India, historically eyed by the colonialists as the ’golden goose’ is all set to spread its wings and soar high. India’s rank rose to 130 from 134 in the World Bank’s <keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">Ease of Doing Business</keyword> Rankings 2016 and the current government harbours the ambition to place India among the top 50 countries in the next three years. But do foreign investors share the bullish sentiment which is being reinforced by the government through a plethora of big ticket reforms and leading initiatives. Probably yes; however, the underlying fear of a complex and unpredictable tax regime lingers on, deterring many potential investors even now. 
	 
	Woes of the Indian tax system 
	 
	Undoubtedly, India has a complex tax regime with an interplay of direct taxes interlaced with various tax holidays and exemptions, multiple indirect taxes at the central and state level, complex transfer pricing regulations and finally, a long drawn tax litigation process. 
	 Adding to this, the Indian Revenue authorities in the recent past executed unreasonable and arbitrary acts shaking investors’ trust and confidence. These included imposing of Minimum Alternate Tax (<keyword id="73398" type="ORGANIZATION" weightage="20" keywordseo="MAT">MAT</keyword>) on SEZ units and developers; ushering a series of retrospective amendments in tax laws to tax indirect transfer of shares and others resulting in widening the tax base, arbitrary action by transfer pricing officers alleging share premium as income; imposition of MAT on Foreign Portfolio Investors, etc. 
	 
	On the dispute resolution front, unduly long duration and pendency of cases, inconsistent stands adopted by tax tribunals and the Authority for Advance Rulings (AAR), etc. have only added to the exasperation and confusion of the taxpayers. 
	 
	Is India the only one 
	 
	It is not fair though to single out India as the only complex and aggressive tax jurisdiction. Even developed countries, like the U.S., have an inherently complex tax legislation involving a myriad of federal and state specific legislations. In the Asia-Pacific region, China and Indonesia are other tax regimes which are riddled with complexity and unpredictability. Further, throughout the Asia-Pacific region (China, Australia, Indonesia, Philippines, Japan), tax authorities practice frequent and rigorous tax audits. While countries like New Zealand, Singapore and Hong Kong come across as simple and stable jurisdictions, growing economies in an attempt to increase their tax revenues often earn the reputation of being aggressive and unpredictable. 
	 
	Speaking of India, it is the need of the hour to have a simple, stable and predictable tax regime. Borrowing leading practices from other jurisdictions such as having an effective tax audit process, reducing the scope for interpretation and discretion, mediation process, close tax compliance monitoring of large taxpayers, etc. may be studied and imbibed in the Indian context. 
	 
	Reinstating investor confidence: Steps in the right direction 
	 With an aim to create a favourable ecosystem for businesses and to encourage foreign investment, the government has launched various initiatives such as ‘<keyword id="6354869" type="UNKNOWN" weightage="20" keywordseo="make-in-India">Make in India</keyword>’, ‘Ease of Doing Business’, ‘Start-Up India, Stand-Up India’, ‘<keyword id="1929810" type="UNKNOWN" weightage="20" keywordseo="Digital-India">Digital India</keyword>’, etc. 
	 
	From a tax standpoint, various steps have been taken to restore investor confidence and build transparency in the system. Providing clarity on indirect transfer of shares by making necessary amendments in the law, accepting the recommendations put forth by the AP Shah Committee and issuing necessary clarifications regarding inapplicability of MAT on FIIs, favourable High Court decisions on transfer pricing cases involving taxation of share premium, setting up of the Easwar Committee to provide recommendations for simplification of the Indian Income Tax law and keenness to implement GST towards having a uniform indirect tax regime, are some of the many steps in the right direction to build a friendly business and tax environment. Also, the consultative process adopted for drafting of legislations/regulations such as ICDS, POEM and GST, by inviting comments from the public and industry associations, can help instill transparency. 
	 
	On the litigation front, announcements of two additional benches of the AAR in Delhi and Mumbai and an increase in the number of Dispute Resolution Panel (DRP) benches are welcome changes. The recently introduced Advance Pricing Arrangements (APAs), which are expected to bring down transfer pricing litigation significantly, has already gained popularity with over 20 APAs and 3 bilateral APAs already concluded thus far. The target is to close around 50 APAs by the end of March 2016. 
	 
	The Finance Secretary recently alluded that the upcoming Budget would focus on rationalisation of tax exemptions. Reduction in the corporate tax rate from 30 to 25 per cent is in line with the general downtrend in headline tax rates by countries and shall aid in achieving global competitiveness. He also indicated that the budget would come out with a scheme to reduce tax litigation and relax the penalty provisions, the arbitrary use of which is the cause of various litigations. 
	 
	The results and the way forward 
	 
	The above steps augur well to achieve tax rationalisation, stability and simplification and help ensure that the much needed foreign investment comes into the Indian economy. Significant investment commitments in infrastructure, defence, railways, etc. by various countries such as the U.S., China, Japan, etc. bear testimony to the fact that the perception of India as an investment destination is steadily improving. 
	 
	While the government has emphasised at various national and international fora that it intends to shed India’s image as an adversarial tax regime, a recent tax recovery notice from the department on the high profile indirect share transfer dispute currently sub- judice in international arbitration, comes as an unpleasant surprise. 
	 
	The government clearly needs to tread with caution and establish consistency in policy and action to help ensure that the efforts made so far bear fruits and that the country can soar higher. 
	 
	The article has been authored by Naveen Aggarwal, partner and head, North India at KPMG. The views and opinions expressed herein are those of the author and do not necessarily The represent the views and opinions of KPMG in India.

Budget 2016: Good news! World's upbeat about India's new tax structure

India has to do a lot to feature is at least top 10 of best countries for business. Owing to several challenges including monetary freedom and trade, India ranked at 97th out of 144 nations on the Best Countries of Business in 2015 list by Forbes. 
 
Denmark topped the list and India was behind Kazakhstan and Ghana, which were at 57 and 79, respectively. 
 
The US was at 22nd spot. 
 
Meanwhile, Forbes said while India is developing into an open-market economy, traces of its "past autarkic policies" remain. 
 
"The outlook for India's long-term growth is moderately positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy,” stated Forbes, adding “However, India has many challenges that it has yet to fully address, including poverty, corruption, violence and discrimination against women and girls, an inefficient power generation and distribution system, ineffective enforcement of intellectual property rights, decades-long civil litigation dockets, inadequate transport and agricultural infrastructure, limited non-agricultural employment opportunities.” 
 
Forbes further said that growth in India last year fell to a decade low, as its economic leaders struggled to improve the country's wide fiscal and current account deficits. 
 
The country performed moderately well on certain factors, ranking eighth on investor protection, 41st on innovation, 57th on personal freedom and 61st on property rights. 
 
(Image: Thinkstock)

Out of 144 nations, India ranks 97th in Forbes’ list of best countries for business in 2015

It is clear from various initiatives taken up by the government ever since it came in power that they want to project India as one of the best countries to do business in and to do business with. Therefore the <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword>'s 'ease of doing business' survey 2018 which is slated to be released on October 31 is something that the government is eagerly waiting for. The report is likely to give a clearer view of where India stands in terms of ‘ease of doing business’ compared to other countries. Top officials in the government have reason to believe that India's ranking may improve significantly in the World Bank's ease of doing business report on the back of reforms initiated by the government. "We have worked very hard so we are definitely expecting," <keyword id="6391107" type="ORGANIZATION" weightage="20" keywordseo="DIPP">DIPP</keyword> Secretary <keyword id="254331" type="PERSON" weightage="20" keywordseo="Ramesh-Abhishek">Ramesh Abhishek</keyword> told when asked if the country's ranking would improve. "The World Bank's Doing Business report is going to come out on 31 October and we hope to see a significant improvement because of the large number of work that we have done," Abhishek said. <keyword id="130694" type="ORGANIZATION" weightage="20" keywordseo="Commerce-and-Industry">Commerce and Industry</keyword> Minister <keyword id="6356597" type="PERSON" weightage="20" keywordseo="Suresh-Prabhu">Suresh Prabhu</keyword> had recently hinted about the same, saying the country would soon hear "good news" on the ease of doing business front. The government's optimism regarding the improvement in India's rank comes on the back of reforms taken to improve the efficiency in granting construction permits, starting a business and resolving insolvency. The ease of doing business ranking is taken seriously by participating countries as they believe it plays a key role in helping foreign investors decide where to invest. In the last three-and-a-half years, India has received foreign direct investment (FDI) of above USD 170 billion, the DIPP secretary pointed out. India's rank inched up by just one place to 130 in the last year's survey that measures the ease of doing business in various countries

Will India’s ranking in ‘ease of doing business’ improve? Government anticipates a “good news”

New Delhi, Dec 19 () DPIIT Secretary Guruprasad Mohapatra on Thursday expressed optimism that India will soon break into the top 50 in the World Bank's ease of doing business ranking.
 India jumped 14 places to the 63rd position in the World Bank's ease of doing business ranking released in October. India was ranked 142nd among 190 nations when Prime Minister Narendra Modi took office in 2014.
 Mohapatra was speaking at an event organised by the CII.
 As per a release issued by the industry chamber, Mohapatra said a district-wise ease of doing business plan is slowly evolving in which the four local bodies will partake in improving the business climate and ease of living, along with the centre and the state government.
 Expressing optimism of India breaking into the top 50 in the World Bank's ease of doing business ranking soon, he sounded caution that once India does that, it will be in the league of advanced industrialised countries, where any incremental progress will require even stronger reform measures from the government.
 From next year onwards, the World Bank EODB rankings will include two more cities of Bengaluru and Kolkata apart from the existing cities of Delhi and Mumbai, he said.
 Chairman of CII National MSME Council Shreekant Somany said while the government's measures to improve the business sentiments have borne fruit, the need of the hour is to focus more on short-term measures, which have potential to deliver quick results for boosting investment.
 He also underlined a few measures, such as, enhancing capacity and efficiency of the alternative dispute mechanism, fast-track disbursal of delayed payments, aligning all the states into the Shram Suvidha Portal among others, to deliver on the front.
In its 'Doing Business' 2020 report, the World Bank had commended the reform efforts undertaken by the country "given the size of India's economy". RSN NKD MKJ

DPIIT Secy optimistic of India breaking into top 50 in 'ease of doing biz' ranking soon

<a href="http://www.businessinsider.in/searchresult.cms?query=The+government+&amp;sortorder=effectivedate">The government </a>has been focusing on<a href="http://www.businessinsider.in/searchresult.cms?query=+ease+of+doing+business+&amp;sortorder=effectivedate"> ease of doing business </a>and a lot of it was reflected in Budget 2017. Last year, in disappointing result, India moved up only one rank on the <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword>'s <keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> ranking to 130th spot regardless of the fact that<a href="http://www.businessinsider.in/searchresult.cms?query=+Narendra+Modi&amp;sortorder=effectivedate"> Narendra Modi</a> government made several initiatives and has set itself a target to break into the top 50. 
 
At present, India is ranked 130 out of 190 countries in <a href="http://www.businessinsider.in/searchresult.cms?query=World+Bank+Group&amp;sortorder=effectivedate">World Bank Group</a>'s annual report 'Doing Business 2017: Equal Opportunity for All'. 
 
In the <a href="http://www.businessinsider.in/searchresult.cms?query=Union+Budget&amp;sortorder=effectivedate">Union Budget</a>, announced by <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, these 5 steps were proposed to make Ease of Doing Business better and easier:

5 ways how Arun Jaitley made Ease of Doing Business better in India

<a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi&amp;sortorder=effectivedate">Indian Prime Minister Narendra Modi </a>wants to move up on the <a href="http://www.businessinsider.in/searchresult.cms?query=ease+of+doing+business&amp;sortorder=effectivedate">ease of doing business index</a> and is easing norms for the same. 
 
In the latest move, you will be able to start a business in India in just six days. At present, a new venture needs at least 26 days to start. In order to start a business as soon as possible, the government has also trimmed the number of procedures from 12 to only six. 
 
While you need to fulfill 12 procedures in Delhi, the number can go up to 14 in Mumbai. 
 
India still has a long way to go when compared to other countries. For instance, in New Zealand, you need just half a day to start a business, while in Singapore it takes about 2.5 days to start a company. In the US it takes about 5.6 days and in the United Kingdom it takes about 4.5 days. 
 
Out of the 190 countries in the list, India Ranks 130 overall in the <a href="http://www.businessinsider.in/searchresult.cms?query=world+bank+ease+of+doing+business&amp;sortorder=effectivedate">World Bank Ease of Doing Business Report</a> and ranks 155 in terms of starting a business. New Zealand and Singapore top the list. 
 "As per <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> it takes 26 days to start a business in India. Our targis to bring it down to 6 days by the end of March. This is the kind of dramatic change we want to," Department of Industrial Policy and Promotion, Secretary, Ramesh Abhishek told EconomicTimes.com. 
 
So, if you want to give flight to your entrepreneurial dreams, you need to complete these 6 procedures: 
1. Incorporate a company using SPICe Form. 
2. Obtain PAN and TAN though a single integrated form. 
3. Register with EPFO and ESIC. 
4. Open a Bank account. 
5. Register with VAT and Profession Tax; online and real time. 
6. Register with Shops and Establishment Act.

You’ll be able to start a business in just 6 days. Here’s what you will need

New Delhi, Jan 7 () The Commerce and Industry Ministry is likely to release the next index to rank states and union territories (UTs) in terms of ease of doing business in March, a senior official said.
 "It will be released in end of February or March. Due to elections, the release got delayed," the official said.
 The exercise is aimed at triggering competition among states to improve business climate in order to attract domestic and global investors.
 State governments are taking several steps such as setting up single window system for approvals to improve ease of doing business.
 The parameters include areas such as construction permit, labour regulation, environmental registration, access to information, land availability and single window system.
 The Department for Promotion of Industry and Internal Trade (DPIIT) in collaboration with the World Bank conducts an annual reform exercise for all states/UTs under the Business Reform Action Plan (BRAP).
 In the last ranking released in July 2018, Andhra Pradesh topped the chart. Telangana and Haryana were at the second and third positions, respectively.
 Others in the top ten were Jharkhand (4), Gujarat (5), Chhattisgarh (6), Madhya Pradesh (7), Karnataka (8), Rajasthan (9) and West Bengal (10).
 The ranking is based on a combined score consisting of reform evidence score that is based on evidence uploaded by states/UTs and feedback score that is based on response garnered from actual users of services provided to businesses.
 The report to be released this year will rank states for 2018.
 In the World Bank's latest 'Doing Business' report, India's position improved to 63rd from 77th out of 190 economies.
 The Commerce and Industry Ministry has prepared a blueprint to further improve India's ranking in the World Bank's ease of doing business index with a focus on six parameters, including enforcing contracts and starting a business.
 The government is targeting to take India among top 50 in the index in coming years. RR
RVK

Next ranking of states for ease of doing business likely to be released in Mar

Amidst the lingering uncertainty in the world involving the slowdown of China’s massive economy, default by Greece in repayment of its debt to the International Monetary Fund (IMF) and a steep fall in global oil prices, India’s growth trajectory stays intact. 
 
Against the backdrop of such a global volatile economy, the Union Budget 2016 is eagerly awaited with a host of expectations both in India and internationally. With the GDP growth projections on the rise and India being viewed as the next growth giant, the Finance Minister Arun Jaitley should focus on introducing reforms that can propel economic growth in India. 
 
Tax, one of the key components of the economic policy needs to be proactively geared towards boosting our economic growth. While the Goods and Services Tax (GST) is still in the pipeline with industry keenly awaiting its enactment, there are several other factors that warrant a closer look. 
 
Balancing it out 
 The announcement by the FM in the last Budget to reduce the corporate tax rate from 30% to 25% over the next four years was certainly good news. According to the Central Board of Direct Taxes (<keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword>), such a reduction in tax rate will be balanced by discontinuance of various kinds of prevailing deductions and exemptions latest by 31 March 2017. Such phase out of deductions and exemptions may adversely impact various industries/sectors that have long gestation periods or have recently commenced their operations in anticipation of tax benefits. 
 
Pushing it for Modi’s grand plans 
 
Further, it will be worthwhile to watch how the proposed withdrawal of exemptions/deductions shall sync with government initiatives such as Make in India, Digital India, Smart Cities and Start-Up India, Stand-Up India. Given the current economic scenario and the thrust required to achieve the underlying goals behind the aforesaid initiatives, the phasing out of the exemptions/deductions should be effectively planned and applied in a selective manner over the span of a few years considering the sensitivity of various industries. 
 
Minimum Alternate Tax (MAT), which was introduced to neutralise the impact of tax incentives, should also be reconsidered on such phase out of tax incentives. Abolition of MAT for Special Economic Zones (SEZ) developers has already been on the wish list for long. 
 
Clarity in <keyword id="42437" type="UNKNOWN" weightage="20" keywordseo="poem">POEM</keyword> 
 
The Finance Act, 2015 included the concept of Place of Effective Management (POEM) to determine the residential status of companies. POEM is likely to have far reaching consequences on foreign companies as well as several other stakeholders. While the government has recently issued draft guiding principles for consideration and comments by the public, it is imperative that the final guidelines be carefully calibrated to help ensure that POEM is indeed an anti-avoidance rule and does not trap genuine transactions in its ambit. India is keen to adopt the Base Erosion and Profit Shifting (BEPS) guidelines along with its global players. These have to be implemented cautiously, especially the compliance requirements to determine that they do not add to the administrative burden. 
 
Push Ease of Doing of Business 
 While the ‘<keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">Ease of Doing Business</keyword>’ initiative is targeting policy-related bottlenecks, they may soon be replaced by infrastructure bottlenecks. Infrastructure development is critical for success of various policy initiatives and there is an increasing need for investment in the infrastructure sector through investment linked deductions/incentives. 
 
There has been considerable ambiguity on the taxation of consortiums formed by non-residents to execute infrastructure contracts in India. Revenue Authorities are taxing such non-residents as Association of Persons (AOP) at the withholding tax/assessment procedure stage. Further, there are various tax complexities associated with assessments of AOP, including double taxation of non-residents in India as well as their country of residence. This causes hindrances to the industry and also results in pessimism with regards to the uncertain tax environment in India. A clarity on the tax treatment in this regard is indispensable for encouraging such non-resident contractors to undertake investment in India. 
 
Reduce <keyword id="375780" type="ORGANIZATION" weightage="20" keywordseo="DDT">DDT</keyword> 
 
Currently, Dividend Distribution Tax (DDT) is being levied at the rate of 15% (effective rate of 20%) on the dividend distribution by domestic companies. Such an effective rate is much higher as compared to the tax deduction rate of 10% on dividend in many Indian and international tax treaties. This has significantly reduced the tax distribution capacity of such domestic companies and has adversely impacted non-resident shareholders due to ambiguity with respect to its credit in the overseas jurisdiction. Structural reforms may be expected in the DDT regime to allow availability of credit for such taxes under the Double Tax Avoidance Agreements (DTAA). 
 
India is considered to have one of the most litigious tax regimes across the world. Though the government has been actively addressing this issue, a lot still needs to be done at the ground level to improve industry sentiment, especially in respect of international transactions. 
 
The article has been authored by Ravi Shingari, partner, Tax at KPMG India. The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG in India.

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