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January 22, 2021
Compliance necessity in India- Where does India stand compared to other countries?
Compliance Complexity in India
In recent times, India has emerged as the biggest and fastest growing economy in the world. The government of India’s “Make in India” campaign paired with other initiatives such as “Skill India”, “Digital India”, etc., has gathered huge interest among various domestic and overseas stake holders. The growth story of India is sufficient proof that the Indian market will prove to be encouraging and beneficial for budding entrepreneurs and startup companies in the coming years. Also, with time India has fallen out of the top 10 in the Financial and Compliance Complexity Index. The compliance calendar in India has only 170 compliance.
Having said that, starting and operating business in India would require keen ability to understand a few complex and some not so complex realities concerning the Statutory compliance, Regulatory compliances and GST & Income Tax compliance associated to this country. However, India is no longer among the most complex countries for financial compliance in the world.
In this article, we will discuss the whole list of various compliance and Compliance calendar that a business needs to follow in a year.
Various Compliance Calendar in India |
||||
Sr. No. |
Compliance Area |
Frequency |
Due date |
No. of Compliance |
Corporate, Secretarial and FEMA Compliance in India |
|
|
|
|
1. |
Annual General Meeting (AGM) |
Yearly |
30th September |
1 |
2. |
Board Meetings |
Quarterly |
with not more than 120 days gap between two meetings. |
4 |
3. |
ROC Filing-Financial statements |
Yearly |
Within 30 days of holding of AGM |
1 |
4 |
Company Annual Return with ROC |
Yearly |
within 60 days of holding an AGM |
1 |
5 |
Annual Return on Foreign Assets & Liability |
Yearly |
15th July |
1 |
6 |
Annual declaration DIR 8/MBP-l |
Yearly |
On appointment & Reappointment / within 30 days of board meeting |
1 |
7 |
CSR committee meetings |
Yearly |
– |
1 |
8 |
MSME Return |
Half- Yearly |
31st October & 30th April |
2 |
9 |
DPT-3 |
Yearly |
30th June |
1 |
10 |
DIR-3 KYC |
Yearly |
30th September |
1 |
Direct Tax and Transfer Pricing Tax |
|
|
|
|
11 |
Corporate income tax Return |
Yearly |
30th September |
1 |
12 |
Corporate Advance Tax Payment |
Quarterly |
on or before 15th of the last month of the quarter |
4 |
13 |
TDS Payment |
Monthly |
7th Subsequent month |
12 |
14 |
TCS Payment |
Monthly |
7th Subsequent month |
12 |
15 |
TDS Return Form 24Q |
Quarterly |
31st of the subsequent month of the quarter |
4 |
16 |
TDS Return Form 26Q |
Quarterly |
31st of the subsequent month of the quarter |
4 |
17 |
TCS Return |
Quarterly |
15th of the subsequent month of the quarter |
4 |
18 |
Tax Audit |
Yearly |
30th September |
1 |
19 |
Transfer Pricing (Form 3CEB) |
Yearly |
30th November |
1 |
20 |
Specified Financial Transactions- Form 61A |
Yearly |
31st May |
1 |
21 |
Statutory Audit |
Yearly |
30rh September |
1 |
Indirect Tax Compliance under GST in India |
|
|
|
|
22 |
Form GSTR 1 |
Monthly |
11th of subsequent month |
12 |
23 |
Form GSTR 3B |
Monthly |
20th of the subsequent month |
12 |
24 |
Form GSTR 6 |
Monthly |
13th of next month |
12 |
25 |
Annual Return (Form GSTR 9) |
Yearly |
31st December of next financial year |
1 |
26 |
GST Audit (Form GSTR 9C) |
Yearly |
31st December of next financial year |
1 |
Payroll and Labour Law Compliance |
|
|
|
|
27 |
Professional Tax |
Monthly |
within 30 days from the start of practice |
12 |
28 |
Provident Fund |
Monthly |
15th of subsequent month |
12 |
29 |
Employees State Insurance (ESI) |
Monthly |
15th of subsequent month |
12 |
30 |
Labour Welfare Fund |
Monthly |
As per state policy |
12 |
31 |
Local Employment Exchange 1 / ER 1 |
Quarterly |
30th of the last month of the quarter |
4 |
32 |
Payment of Bonus Act |
Yearly |
Within 30 days from the date of payment of bonus. |
1 |
33 |
Shop & Establishment Act |
Yearly |
within 30 days from the date of commencement of establishment |
1 |
34 |
Minimum wages |
Yearly |
as per state policy |
1 |
35 |
Contract Labour Regulation |
Yearly |
As per state policy |
1 |
Other Law Compliance |
|
|
|
|
36 |
FSSAI– Annual Return |
Yearly |
31st May |
1 |
37 |
FSSAI- Half yearly Return |
Quarterly |
Only merchant exporter |
4 |
38 |
Other Misc. Law / Assessment / Scrutiny etc. |
Monthly |
– |
12 |
Most of the compliance requirements have opted for digital platforms and that has unlocked productivity and enabled tighter implementation of laws with more severe penalties for offenders. The digital platforms for fulfilling compliance requirement simplifies processes and encourages businesses to tap into India’s vast economic opportunity.
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