Commercial laws in India encompass a wide range of legal topics related to business activities. These laws are designed to regulate commercial transactions and ensure fair practices in the business environment.
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Employer-Employee Relations: The Industrial Disputes Act, 1947, governs industrial relations. It provides mechanisms for the resolution of industrial disputes, including strikes, lockouts, and layoffs. The Employees’ Provident Fund Act, 1952, and the Employees’ State Insurance Act, 1948, are also crucial in this regard. Authorities (RERAs).
Startup Laws: The government has introduced several initiatives to boost the startup ecosystem, such as the Startup India initiative. It provides benefits like tax exemptions, easier compliance, and intellectual property rights protection to recognized startups.
Compliance Laws: The Companies Act, 2013, mandates various compliances for companies, including annual filings, board and shareholder meetings, and maintenance of statutory registers. The Goods and Services Tax Act, 2017, is another significant compliance law.
Labour Laws: India has numerous labour laws, including the Minimum Wages Act, 1948, the Factories Act, 1948, and the Maternity Benefit Act, 1961. Recently, the government has consolidated 29 central labour laws into four codes to simplify labour regulations.
In conclusion, commercial laws in India are comprehensive and cover various aspects of business activities. They aim to ensure fair business practices, protect stakeholders’ interests, and promote a conducive business environment.