Statutory Compliance means we have to comply with the Rules and Regulations as per the concerned act which is being ensured by the appropriate Government.
As you have mentioned as Retain sector you have to comply with the following acts.
(a) Shops & Commercial Establishment Act
(b) Payment of Wages Act
(c) Minimum Wages Act
(d) Payment of Gratuity Act
(e) Payment of Bonus Act
(f) Weekly Holidays Act
You have to maintain the Register of workmen, Attendance Register, Wages Register, Over Time Register, Register of Fine, Register of Advance, Register of Deduction for Damages or loss as per the concerned act applicable by the appropriate government
You may have to submit Half yearly return As per Shops and Commercial Establishment Act and Annual Return As per Minimum Wages Act.
You must obtain Licence for the Retain Outlet and your establishment must have got registered as commercial establishment or shop as per Shops and Commercial Establishment Act. Your licence must be renewed every year for which you can consult from your labour commissioner Office.
The above details are applicable for the retail business in India. If it for UAE you can refer the UAE Labour Laws.
In case of any doubt do not hesitate to raise your querry.
From India , Hyderabad
pc.coralNow that members have posted about the scope of gamut of Statutory Compliances, i would like to describe about the typical structure of Statutory Compliances.
These can be categorised as follow:
a. Records to be maintained under a given statute
(usually this prescribed under Rules enacted under a statute)
b. Returns to be filed with respective authorities
(apart from structure of info / return format, due date of filing is important. Major departments have started providing e-filing methods now)
c. Duties/Taxes to be paid
(Apart from the method of computing duty/tax liability, Due date of payment is important)
d. Renewal of licences / registrations
For the benefit of members, I am attaching two reports (generated from CORALerp), regarding Monitoring of Payment of Statutory Duties/Taxes and Monitoring of Filing of Statutory Payments.
Request members to share ideas regarding monitoring statutory compliances.
From India , Calcutta