Search this article on Google: What are the key government regulatory laws that businesses in India must comply with?
1. Companies Act, 2013: This fundamental law governs all registered companies in India. It outlines rules for the incorporation of businesses, roles and responsibilities of directors, financial disclosures, audit requirements, etc.
3. Goods and Services Tax Act, 2017: GST Act is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India. Businesses need to get registered under GST if their turnover is beyond a certain threshold.
4. Shops and Establishments Act: Each Indian state has its own version of this law. It addresses the working hours, spread-over, rest interval, opening and closing hours, closed days, national and religious holidays, overtime work, rules for employment of children, young persons, and women etc.
5.Tthe Industrial Disputes Act, 1947: The law regulates how employers may address industrial disputes such as lockouts, layoffs, retrenchment etc. It provides machinery for peaceful resolution of disputes arising between employers and employees
6. Employees’ Provident Funds and Miscellaneous Provisions Act, 1952: All factories and specified establishments having 20 or more employees must ensure compliance with this law that provides for compulsory provident fund, pension scheme and insurance for employees.
7. The Contract Act, 1872: This act clarifies different aspects related to contracts such as the making, performance, consequences of breach of contract etc., which are vital for business operations.
This is not an exhaustive list and many sector-specific laws such as SEBI regulations for market securities, RBI rules for financial institutions, Telecom Regulatory Authority of India (TRAI) guidelines for telecom services etc. may also apply. It’s crucial for businesses to ensure compliance with all applicable laws to avoid legal penalties and to promote ethical business practices.