COMPLIANCE

There is no need to obtain various registrations and licenses to run a business unless you can renew them on time and submit the required returns on time. While running a business, you may receive various letters, notices from various Government departments asking you for disclosing your business activities and records and neglecting these tasks means you will be getting into a lot of trouble. You have to face various problems like late fees, penalty etc. If necessary, the concerned Government department can cancel your Registration/License. So the works should be done very efficiently.

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Compliance means that a company adheres to the applicable rules and laws. This includes both country specific laws and requirements from the regulatory authorities as well as internal company directives. A range of tools and process can be implemented and used by a company to bring about good compliance.

GST compliance : Why is it important?
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The GST compliance rating is a score given by the government to a business so that other businesses can see how compliant they are with the tax department. This score will be calculated based on parameters such as timely filing of monthly and annual returns, furnishing details of input credits used, taxes paid, etc.

The GST is an entirely new tax regime and the businesses will unavoidably be prone to errors. Delays, errors and non-compliance will affect the vendor's rating, and hence the business may suffer. The compliant vendor will be at an advantage as they can easily be distinguished from their competitors.

EPF & ESIC Compliance :
EPF and ESIC Compliances are the reporting formalities that any eligible entity should fulfil to be legally secured. There are various types of declarations, such as, employee record, contribution details, nominations and more that these entities are to submit to the regulating Department on time.
Statutory compliance is all about the organizations those must follow the standard Laws. Statutory Compliances such as PF, Factories Act, ESI Act, Minimum Wages Act, Bonus Act, Professional Tax Act, Shop and Establishment Act are required of Indian companies, organization etc.

Annual Compliance means a specific set of Compliance that a company has to fulfil post-incorporation to commence and continue its operations. Under the Companies Act 2013, various compliances must be completed every Year. Failure to comply with such Compliance may result in the Company’s strike-off and its directors’ disqualification. As part of annual Compliance, various returns must be filed with the Income Tax Authority, MCA, GST, etc. This article will look at a company’s standard compliances to ensure mandatorily.

Compliance for other Business entities :

In addition to the Compliance mentioned above, some of the non-ROC Compliance for private limited companies are:
o Payment of periodic dues (GST Liability, TDS, TCS payment, Advance tax, and P.Tax)
o Filing of regular returns –
o Monthly/Quarterly/Annual GST Returns
o Quarterly TDS Returns
o Assessment of advance tax liability
o Filing of Income Tax Returns
o Filing of Tax Audit Report
o Filing of half-yearly ESIC returns
o Filing of PF returns
o Filing of professional tax returns.

Under each and every Act you will have to comply as per specific period of time and style.

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