A) Compliances under Companies Act 2013
B) Compliances of ‘ Corporate Social Responsibility’
C) Taxes, cess and Stamp duty
India has a federal tax structure and taxes are levied by the Central Government, the State Governments, and the local regulatory authorities. These taxes are broadly in the nature of,
(a) Direct Tax (which includes income tax, wealth tax, dividend distribution tax, minimum alternate tax (MAT), share buy-back tax),
(b) Indirect Tax (which includes GST, VAT/CST, Service Tax, Excise Duty, Customs Duty, Entry Tax, R&D Cess), and (c) Levies on transaction (which includes stamp duty, securities transaction tax, and commodity transaction tax).
All the Indian companies are subjected to payment of tax and stamp duty for their business transactions undertaken during the course of any financial year and on the income generated from such operations. Non-payment (inadequate and/or untimely payment) of tax and stamp duty may attract moderate to heavy penalty, cause enforceability issue of the document and, in some cases, impounding of the documents by the authority.
The below statutes govern issues such as working time and conditions of employment of workers, minimum wages and remuneration, rights and obligations of the trade unions, insurance of the employees, maternity benefits, employment retrenchment, payment of gratuity/provident fund, payment of bonus, regulations of the contract labor and such other issues concerning the employees.
D) Compliances of Employees’ State Insurance Act, 1948
E) Compliances of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
F) Compliances under The Maternity Benefits Act, 1961
G) Compliances of The Contract labour (Regulation and Abolition) Act, 1970
H) Compliances of The Workmen’s Compensation Act, 1923
Environmental and pollution control matters are governed by various statutes such as,
I) The Enviromental (Protection) Act, 1986
J) The Water (Prevention and Control of Pollution) Act, 1974
K) The Air (Prevention and Control of Pollution) Act, 1981
L) Hazardous Wastes (Management, Handling and Trans boundary Movement) Rules, 2008
M) The Manufacture, Storage and Import of Hazardous Chemicals Rules, 1989
N) The Indian Forest Act, 1927
O) The Forest (Conservation) Act, 1980
P) The National Environment Tribunal Act, 1995
Q) The Public Liability Insurance Act, 1991, etc.
A company is required to comply with the provisions of these environmental laws to the extent specifically applicable to the business operations of such company. Consequences of non-compliance with the relevant provisions of any such statutes and rules framed there under are provided in the respective statutes.
While the above lays down the general laws governing a company in India, local laws also play a very important role. As such depending in which state the company is registered or state and city in which its operations are conducted, the company must be mindful of and adhere to the laws of such state/ city.