India is changing today. The government is introducing GST to ease taxation hassles and make it easy for individuals and business to remit their taxes through a single online portal. Even income tax is being made simpler for e-filing and similar steps.
One of the major advantages we foresee is a lesser intrusion from governmental agencies as long as they see that you are compliant on all areas. As far as tax goes, your being compliant will be verified by smart computer algorithms that will check you stated revenue, your bank balances and your tax filing. As long as there are no major differences seen, the algorithm will submit a green signal in your case.
After watching the success of GST and new norms for IT returns, I am quite sure the central and state governments will extend similar facilities for all compliance requirements.
As a business organisation, what are the benefits of being fully compliant? Quite a few, actually. Let us look at them one by one.
Productivity
Proper HR statutory compliance increases and enhances your productivity. HR and labour laws have been formulated to ensure that all companies follow certain fair practices in how they handle their staff, how much they pay them, and how they take care of the future of their employees. When you do all these, you are going to have happy employees that will automatically lead to increased productivity.
Prevention
In addition to HR Statutory compliance, businesses, particularly those that have factories, have to follow a number of steps related to safety and quality. Product, employee and quality check and audits reduce your risks and exposure to avoidable negative factors. This becomes critical in factory environments where multiple risks are always present.
Participation
When you are fully compliant, you can also include your partners, vendors, contractors and others in the compliance process. This helps you to improve your collaborative process, getter better quality from your suppliers, and reduce your input costs. All put together, you will be able to deliver better products and services to your clients at reduced costs. This will lead to both enhanced revenue and better margins.
Prediction
One wish I am sure nearly all CEOs long for is to have a Nostradamus vision. Can I predict where my company will be in 2 years, in 5 years? Though it is impossible to predict anything in today’s ultra-competitive environment, being compliant has its advantages. Being compliant reduces risks and unknown factors. You know clearly what steps you have to take to grow the company. You know what investments are needed, and how to convince and get more clients. Your chances of predicting your growth become more possible.
Statutory HR and other compliances are necessary processes that every business must incorporate. And in this, TalentPro is your best bet. Working across India, we are aware of compliance requirements across a range of industries. Get in touch with us today, and we will hitch you onto the compliance waggon in a jiffy.
