Statutory and regulatory compliance have long played part in the business. Each business is specifically governed by laws that they need to adhere. Failure to comply with these laws can lead to the shutting down of the business, huge fines, and penalties, loss of credibility and future sale, legal prosecution, and the worst scenario can be the closure of the business. Irrespective of the size of the business, failure to comply with the compliance may lead to spending the subsequent amount of resources to get it rectified. In extreme cases, it may not be even possible to get things back on track as the issue of noncompliance may be extreme. “A stitch in time saves nine” Thus it is very important to start adhering to the laws that govern your business and to avoid the major problems which are likely to occur in the near future if not taken the right step at the right time. It is certainly, obvious that since there are so many laws that govern your business, it becomes very difficult to take care of all of them, however, the bitter fact is that there is no place for ignorance in the eyes of laws. Hence it is always better to take help of professionals like Paysquare who are an expert in providing statutory compliance services in India. Service providers like these help you by offering a range of services that help the company deal with various statutory compliance challenges.
Advantage of statutory compliance services in India:-
- It helps your company get registered with ESI, professional tax, Provident Fund, etc. to make sure that the company is in compliance with the labor laws of India.
- Helps in the preparation of challan and its timely remittance in the bank.
- Proactive involvement in the calculation and the deduction of the various statutory dues in concern to your business.
- Preparation as well as filing of monthly, quarterly, half-yearly, annual as well as random returns to make sure that there are no dues left that would have to be cleared as a penalty, later on.
- Statutory compliance in India makes it mandatory for the business to be in liaison with the statutory bodies and the dedicated companies like Paysquare take the onus of making your companies compliant with it
- Keep a record of the statutory reports in the form of reports or registers
