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ravi-kumar-gotte
Hi All, I have been given a task to suggest statutory compliances for a steel factory in telangana. please help me.
From India, Hyderabad
saswatabanerjee
2385

We do this on a commercial basis. Please get in touch with me if your company needs this done properly.
From India, Mumbai
yarlagadda-krishna-rao
1

Is it still required., I can help you. please mail me your requirement. Krishna@kriiconsult.com
From India, Hyderabad
han-nam
calculating backlog during manpower allocation in the company
From Israel
raghunath_bv
158

Hi Kriishna Rao,

Ensuring statutory compliance is crucial for any business, especially in industries like steel manufacturing. Here are some statutory compliance suggestions tailored for a steel factory operating in Telangana, India:

Factory Act Compliance:
Obtain a Factory License under the Factories Act, 1948, from the concerned authority.
Display the Factory License at a conspicuous place within the factory premises.
Maintain records and registers as per the provisions of the Act.
Labour Laws Compliance:

Comply with various labour laws:
Such as the Minimum Wages Act, 1948, Payment of Wages Act, 1936, and Employees' Provident Funds and Miscellaneous Provisions Act, 1952.

Ensure proper working conditions,:_
Safety measures, and facilities for the employees.

Environment Laws and Clearances:-:
Obtain necessary environmental clearances from the State Pollution Control Board for air, water, and hazardous waste management.
Comply with the Water (Prevention and Control of Pollution) Act, 1974, and Air (Prevention and Control of Pollution) Act, 1981.

Safety and Health Standards:-
Adhere to the provisions of the Mines Act, 1952, and Mines Rules, 1955, if applicable.
Implement necessary safety measures to prevent accidents and ensure the well-being of workers.

Occupational Health and Safety Compliance:-
Comply with the provisions of the Occupational Safety, Health and Working Conditions Code, 2020, which consolidates and amends various labor laws.

Ensure regular health check-ups, first aid facilities, and safety training programs for employees.
Industrial Disputes Act Compliance:

Comply with the Industrial Disputes Act, 1947:-
To manage and resolve disputes between employers and employees.

Contract Labour Regulation and Abolition Act:1970
If employing contract labor, ensure compliance with the Contract Labour (Regulation and Abolition) Act, 1970.

Fire Safety Compliance:
Install and maintain fire safety equipment as per the requirements of the National Building Code and local fire safety regulations.

Goods and Services Tax (GST):
Register for GST and comply with all GST regulations for proper invoicing, filing returns, and maintaining records.

Income Tax and Other Financial Compliance:-
Ensure timely filing of Income Tax Returns (ITR) and comply with other financial reporting requirements.
Export and Import Regulations:

Be prepared to pay any applicable taxes, duties, or other fees. These can vary based on the type and value of the raw materials.

Comply with customs and excise regulations for import of raw.

Research and Understand Regulations:
Familiarize yourself with the customs and excise regulations of the country you are importing to. These regulations can vary widely depending on the country and the type of raw materials.

Classify Your Raw Materials:
Use the Harmonized System (HS) codes to classify your raw materials. This is an internationally accepted system for naming and classifying products. It's used by customs authorities to identify the products being imported or exported

Verify Licensing and Permits:
Check if the specific raw materials you are importing require any special licenses or permits. Some materials, like controlled substances or certain agricultural products, may have additional requirements.

Record Keeping:
Maintain accurate records of all transactions and documentation related to the importation of raw materials. This is important for compliance and for potential audits.

Documentation:
Ensure that you have all the necessary documentation ready. This may include:
Commercial invoice
Packing list
Bill of lading or airway bill
Import license or permit (if applicable)
Certificate of origin
Customs declaration forms

Declare Value and Pay Duties:
Declare the correct value of the goods. This will be used to calculate import duties and taxes. Be transparent and accurate in your declarations to avoid legal issues

Customs Broker:
Consider using a customs broker. They are professionals who are familiar with the customs process and can help you navigate the paperwork and regulations.
.
Inspections and Quarantine:
Be prepared for inspections, especially if you're importing agricultural or food-related materials. Some countries have strict regulations regarding the import of these items to prevent the spread of diseases or pests.

Stay Updated:
Keep yourself updated with any changes in customs and excise regulations. Regulations can change over time, and it's important to stay informed.

Engage Legal and Accounting Expertise:
Depending on the complexity of your imports, consider seeking advice from legal and accounting professionals who specialize in international trade and customs law.

Non-compliance with customs and excise regulations can lead to fines, delays, or even legal action. It's crucial to take the necessary steps to ensure you're operating within the legal framework.
Regards,

From India, Bangalore
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