Statutory compliance refers to the legal requirements that organizations must comply with in order to operate within the law. These requirements may include laws and regulations related to taxes, labor laws, environmental laws, health and safety laws, and more. In India, there are various statutory compliances that organizations need to abide by, such as:
- Income Tax Act: Organizations must file income tax returns and pay taxes as per the Income Tax Act.
- Companies Act: Companies are required to comply with the Companies Act, which lays down the rules for registration, management, and dissolution of companies.
- GST (Goods and Services Tax): Organizations must register for GST and file GST returns.
- PF (Provident Fund) and ESI (Employees’ State Insurance): Organizations must contribute to the Provident Fund and Employees’ State Insurance schemes for their employees.
- Labor Laws: Organizations must comply with the various labor laws, such as the Minimum Wages Act, the Industrial Disputes Act, and the Contract Labor (Regulation and Abolition) Act.
- Environmental Laws: Organizations must comply with environmental laws, such as the Water (Prevention and Control of Pollution) Act and the Air (Prevention and Control of Pollution) Act.
- Health and Safety Laws: Organizations must comply with laws related to health and safety, such as the Factories Act and the Industrial Employment (Standing Orders) Act.
It is important for organizations to stay up-to-date with the latest statutory compliances in India and ensure that they are in compliance with all the laws and regulations that apply to their operations.
Statutory Compliance | Income Tax Act | Companies Act | GST | PF | ESI | Health & Safety | Labour Laws | Central Laws