Over several years, India has experienced a drastic shift in the context of compliance challenges mostly due to the enhancement of modern technology. This digital revolution is changing how businesses go about statutory compliance services in terms of capacity, reliability and costs. This brings us to the topic of interest, how technology is transforming compliance services in India and its consequent effects on enterprises in the country.
Increasing Significance of Compliance Services
Compliance services have emerged to be quite essential for enterprises in India. Today, there is huge pressure on organisations due to a complex regulatory landscape and frequent changes to the laws in force. Statutory compliance services can thus indicate tax, labour law, corporate, and bylaws compliance as well as environment compliance.
A survey by KPMG India in 2023 revealed that 78% of the companies cited regulatory compliances as their major concern. This indicates that compliance management is becoming increasingly important for smooth business operations.
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