6 sub-groups formed to identify regulatory bottlenecks: ComMin

Six sub-groups have been formed to identify regulatory bottlenecks and suggest best practices followed in areas like income tax the world over, the commerce and industry ministry said today.
Formation of these groups was advised by the Better Regulatory Advisory Group formed under the chairmanship of Secretary in the Department of Industrial Policy and Promotion (DIPP).
The advisory group has been formed to look into the issues to improve regulatory processes for fast tracking of investments, both for domestic and the foreign companies.
In a meeting convened today, members of the group emphasised that there is a need to evaluate the regulatory burden in certain areas and also to create a mechanism for regulatory impact assessment of proposed regulations.

The sub-groups would look into the areas of -- Income- tax, Goods and Services Tax, Corporate Laws, Financial Securities Laws, Regulatory Impact Assessment and MSME, it added.
They would submit their recommendations on these segments within two weeks, it added.