COMPLIANCES

 India has several statutory compliances that businesses and individuals must adhere to. Here are some of the most common ones:

 

Goods and Services Tax (GST): GST is a unified tax system that replaced multiple indirect taxes levied by the central and state governments. Businesses with an annual turnover exceeding Rs. 20 lakhs are required to register for GST.

 

Income Tax: All individuals and businesses in India are required to pay income tax on their earnings. The tax rate varies based on the income bracket.

 

Employees' Provident Fund (EPF): EPF is a mandatory contribution made by employers and employees towards the retirement savings of employees. Employers with more than 20 employees are required to register for EPF.

 

Employees' State Insurance (ESI): ESI is a health insurance scheme for employees. Employers with more than 10 employees are required to register for ESI.

 

Professional Tax: Professional tax is a state-level tax levied on individuals engaged in certain professions or trades. The tax rate and threshold vary from state to state.

 

Shops and Establishment Act: The Shops and Establishment Act regulates the working conditions of employees in shops, commercial establishments, and other similar workplaces. Employers are required to register under this act.

 

Minimum Wages Act: The Minimum Wages Act mandates a minimum wage for workers in various industries. Employers are required to pay their employees at least the minimum wage prescribed by the government.

 

Companies Act: The Companies Act regulates the incorporation, management, and winding up of companies in India. All companies are required to comply with the provisions of this act.

 

Labour Laws: India has several labour laws that govern the working conditions of employees. Employers are required to comply with these laws to ensure the safety and well-being of their employees.