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SOME KEY COMPLIANCE ASPECTS FOR BUSINESS IN INDIA:
1. Business Registration:
Registration of business with the appropriate authorities such as in form of sole proprietorship, partnership, limited liability partnership (LLP), private limited company, and public limited company.
2. Goods and Services Tax (GST):
Registration of GST to ensure tax compliance as GST is a value-added tax on goods and services and is mandatory for businesses with an annual turnover above a specified threshold.
3. Income Tax:
Obtaining a Permanent Account Number (PAN) for income tax purposes and file income tax returns and comply with tax regulations.
4. Import-Export Code (IEC):
An Importer-Exporter Code (IEC) from the Directorate General of Foreign Trade (DGFT) is essential if a business firm is engaged in international trade.
5. Labor Laws:
Ensuring compliance of labor laws and regulations, including those related to minimum wages, working hours, employment contracts, and social security contributions.
6. Environmental Compliance:
Ensuring compliance of various environmental regulations and obtain necessary permits when the business activities have environmental implications.
7. Intellectual Property Rights (IPR):
Ensuring protection of intellectual property through trademarks, patents, and copyrights and also ensuring compliance with IPR laws to prevent infringement issues.
8. Consumer Protection:
Abiding by the consumer protection laws, such as providing accurate information, fair pricing, and addressing consumer grievances.
9. Foreign Exchange Management Act (FEMA):
Business involving foreign exchange transactions should ensure compliance with FEMA regulations by obtaining necessary approvals for foreign investments and transactions.
10. Mandatory Corporate Social Responsibility (CSR):
Business generating revenue beyond certain criteria are required to spend a specified percentage of their profits on corporate social responsibility activities.
11. Local Regulations:
Ensuring compliance of local rules and regulations.
