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Small Business Compliance in India | Small Business Compliance Checklist

The concept of business compliance helps you increase the growth opportunities for your business as it ensures that businesses act responsibly. Staying compliant not only helps you stay away from legal penalties but it also gives a high and quality reputation to your brand. If you need help in getting business licenses, reach out to deAsra here: https://www.deasra.in/services/licences-legal-compliance/?utm_source=referral&utm_medium=slideserve<br>

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Small Business Compliance in India | Small Business Compliance Checklist

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  1. SMALL BUSINESS COMPLIANCES IN INDIA For smooth For smooth running of business running of business 01 01 To avoid penalties, legal actions, stoppage Why Should A Business Be To avoid penalties, legal actions, stoppage of business of business Why Should A Business Be Compliant? Compliant? 02 02 To generate customer’s confdence To generate customers’ confidence in your business in your business 03 03 Shop Act or NOC from Gram Panchayat NOC PAN card PAN card Basic compliances Current Account with Bank $ $ Rent Agreement or Sale deed of the business premises Documents Type of Entity Specific Compliances Type of Entity Compliances at the start of business Recurring Compliances 1. Preparing fnancial statements 2. Filing IT Return 3. GST Returns, if applicable 4. Renewal of Shop Act, if applicable Sole Shop Act or NOC by Gram Panchayat Proprietorship Concern 1. Preparing fnancial statements 2. Filing IT Return 3. GST Returns, if applicable 4. Renewal of Shop Act, if applicable 1. Partnership deed 2. Registering the Partnership deed with local Registrar of frm. Partnership Firm 1. Filing of Financial Statements and Annual return with MCA 2. Filing of event based forms with MCA 3. Filing IT Return 4. GST Returns, if applicable 5. Renewal of Shop Act, if applicable 1. LLP deed 2. Filing incorporation forms with Ministry of Corporate Afairs (MCA) 3. Common Seal of the LLP Limited Liability Partnership (LLP) 1. Quarterly Board Meetings 2. Annual General Meeting of Shareholders 3. Filing of Financial Statements and Annual return with MCA 4. Filing of event based forms with MCA 5. Filing IT Return 6. GST Returns, if applicable 7. Renewal of Shop Act, applicable 1. Filing incorporation forms with Ministry of Corporate Afairs (MCA) 2. Memorandum and Articles of Association. 3. Common Seal of the Company Private Limited Company Trade Specific Compliances Type of Applicable Applicable Compliance Trade Applicable Compliance Compliance Food FSSAI Registration or License FSSAI Registration or License FSSAI Registration or License Manufacturing License Manufacturing Business Manufacturing License Manufacturing License Export or Import Business Import Export Code (IEC) Import Export Code (IEC) Import Export Code (IEC) HR Compliances Number of employee Applicable Compliances Recurring Actions to be taken Less than 10 Shop Act Intimation None Renewal of Shop Act Registration Shop Act Intimation Shop Act Registration None Renewal of Shop Act Registration Shop Act Registration ESIC - To Manufacturing sector and to employees whose monthly salary is upto Rs. 21,000/- ESIC - To Manufacturing sector and to employees whose monthly salary is upto Rs. 21,000/- Payment of Gratuity Between 10 and 20 Payment of Gratuity Provident Fund 1. Maintain the record of salary and PF paid to the employees 2. File monthly return with EPF Ofce. 3. File Annual Return with EPF Ofce. 1. Maintain the record of salary and PF paid to the employees 2. File monthly return with EPF Ofce. 3. File Annual Return with EPF Ofce. Renewal of Shop Act Registration Provident Fund Shop Act Registration Renewal of Shop Act Registration 1. Maintain the record of salary and PF paid to the employees 2. File monthly return with EPF Ofce. 3. File Annual Return with EPF Ofce. Shop Act Registration 1. Maintain the record of salary and PF paid to the employees 2. File monthly return with EPF Ofce. 3. File Annual Return with EPF Ofce. Provident Fund Provident Fund More than 20 ESIC - Other than Manufacturing sector and to employees whose monthly salary is upto Rs. 21,000/- ESIC - Other than Manufacturing sector and to employees whose monthly salary is upto Rs. 21,000/- Payment of Gratuity Payment of Gratuity Good To Have Compliances

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