New Delhi, April 1 -- The PHD Chamber of Commerce and Industry (PHDCCI) has proposed a series of risk-based regulatory reforms aimed at easing compliance burdens in India's heavy industries sector, highlighting multiple structural bottlenecks that impact efficiency and growth.
In its recommendations to the competent authority, the chamber pointed out that companies currently face duplication in corporate filings, with multiple annual forms such as MGT-7 and AOC-4 requiring overlapping disclosures. This redundancy, it said, increases compliance costs and raises penalty risks without adding meaningful regulatory value.
PHDCCI also flagged that a large number of MSMEs fall under mandatory tax audit requirements due to relatively low threshol...