Hi Sujata,
As a HR person you must know what legislations apply to your company. If you are working in an IT company for instance, then the following acts will apply, to name a few:
1. Shops & Establishments Act.
2. National & Festival Holidays Act.
3. Payment of Wages Act. etc.
You need to first check what laws are applicable to your company.
Then, read the bare act, related rules, then see the Forms to be submitted to the Labour dept. under the acts. It is important you read the bare acts.
Don't you have a legal consultant for your company? If you have, then hold a discussion to understand the legislations and compliance needs. If you don't have, better engage one as retainer. You may need if any matter goes to the labour court.
But, one thing I want to tell.
HR generalist does not mean having some superficial knowledge about HR activities, transactions like coordinating with recruitment consultants, post-recruitment formalities etc. If that is so, then a secretary can do that job. HR is already a specialist job, within which you have very special areas - ex. OD. A general physician cannot ask whether he should have knowledge about basics of medical profession.
Legislations are basically important as they provide the legal framework for the business of any company.
And, in fact, as a HR generalist you must know about the labour legislations that apply to your company. You need not much worry about legislations if you are a HR specialist like OD specialist, PMS Specialist, Training Specialist, Recruitment Specialist, etc.
So, law is more important for the HR generalsit than the specialist.
Start learning from now on at least.
Jeevaneyan