Government Business Rules And Regulations You Must Know About
Regardless of the nature and type of business, every company must comply with the rules and regulations of the government. Every business owner must be aware of the laws passed by legislative bodies and the rules enacted by regulatory agencies for every business, and must make sure that their business is not violating any rule. There are many agencies that can provide you with all the relevant information, while assisting you in obtaining compliance. Once such well-known name is iDeal HR Service, who is the best and most professional Statutory Government Factory Approval consultant in Hosur, and who can help you with obtaining all sorts of approvals you require for your business from the legislative and judicial bodies.
These laws and regulations come from all levels of government at the state level, local level or national level. And when someone is operating a business in multiple states, they must be sure that their business complies with the laws of every local and state level jurisdiction. The government authorities are not liable to notify every new business about the compliance with every law. In fact, it is every business’s responsibility to inquire about the laws and regulations, and comply with them because if they don’t, they will be facing a penalty.
There are multiple laws and regulations set up for Indian businesses that are related to registrations, obtaining licenses, employees, wages, compensations, taxes, health, safety, and many other permissions. Stated below are some of these laws that will help you understand what all the government is concerned about.
Whether you conduct a business in a house, office building, mall or manufacturing plant, you need to be sure that the land you want to put up your business in is lawful. This does not limit to being lawful only in legal procedure clearances and agreements, but this also means that the land you decide to use must be permitted for the business you want to carry out on that piece of land. Every city, town and village has certain zoning regulations that permit only certain types of business activities in certain zones. Even if you own a particular piece of land under your name, it isn’t necessary that you have the permission to carry out whichever business you like in the area. You need to get in touch with the zoning and land use authorities to determine that your business is permitted at your desired location. Violation of land laws can result in business shut-down, along with huge expenses.
Companies in India, whether private or public, are governed by the Companies Act 1956. Also, whether a company is Indian or foreign, is liable to taxation under the Income Tax Act 1961. Therefore, whatever kind of business you may be, you must be sure that you comply with these tax laws to avoid penalties or shut-down. There are various types of taxes that companies are liable to pay, some of them being Fringe Benefit Tax (FBT), Minimum Alternative Tax (MAT), Dividend Distribution Tax (DDT), and Wealth Tax. Additionally, your business must have a Sales Tax Identification Number if you are planning to resell purchased goods.
Businesses in the food or ingested items industry are required to obtain health permits after undergoing strict inspections. Other than initial inspections, the products also undergo periodic inspections to make sure that the food does not degrade in quality or pose any harmful threats to health.
This is one industry that undergoes long and costly approval processes to receive permission to offer their products for sale. Many of these products are also permitted to be sold to only particular persons who meet specific criteria.
Special laws for certain products/services
There are certain industries that require specific licensing for their products or services, which is why special laws and regulations have been made for them. These industries are those related to law, accountancy, architecture and engineering. Those engaged in dangerous businesses that include explosives also require special permits.