Provident fund is a social security scheme for Salaried Employees to invest their money during work life & enjoy the benefits after retirement. It is a government controlled Retirement Savings Benefit for employees, who must contribute a part of their savings towards their pension fund, every month. The entire process is done through Employees Provident Fund organization (EPFO). Any organization that has more than 20 employees is entitled to PROVIDENT FUND & ITS mandatory to register it with the EPFO. PF contribution is made by both the employees and the employer. PF contribution for per employee should be 24% of his salary, of which 12% needs to contribute from employee’s salary and another 12% should be from the employer side i.e Basic plus dearness allowance (DA).

Professional Tax is a tax on all types of professions, trades, and employment and levied based on the income exceeding the monetary threshold if any of such profession, trade and employment. Every person Earning income from salary or profession such as ( Company secretory, Doctor, Chartered accountant, Lawyers, contractors, Architects, Freelancers) ,  also entities such as Private Limited Company, LLP, Proprietorship, HUF etc. are liable to pay professional tax. Professional tax is a fixed amount that needs to be paid to the state government. Professional tax is different from one state to another. Registration needs to be taken by every employer who has one or more employees.

Trade License is a certificate issued by the municipal corporation to a person or entity to carry a particular business operations at a specific premise allotted.  It ensures that the people are not affected by health problems or any danger if occurred by conducting trade operations. It also ensures that the business operations conducted by the company are following the specified rules, regulations, safety guards and standards. The license does not allow the holder to carry out any other trade or business than for it is issued.

MSME stands for Micro, Small and Medium Enterprises. It is most famous in a developing country like India. MSME industries are the backbone of the economy. These industries are directly linked with the economy of the country. These industries are also known as small-scale industries. This registration is to certify that the business falls under the category of small and medium businesses. The government’s basic motive behind this registration is to offer maximum benefits to the small and medium business or industries in India. This registration is not yet made mandatory by the Government but it is beneficial to get one’s business registered under this because it provides a lot of benefits in terms of taxation, business setup, credit facilities, loans etc.

DSC is a secured digital key that can only be issued by certified authorities. Digital Signatures make use of the public key encryptions to create the signatures. A digital signature certificate (DSC) contains information about the user’s name, pin code, country, email address, date of issuance of certificate and name of the certifying authority. Individuals and entities which are required to get their accounts audited have to file their income tax return compulsorily using a digital signature. The Ministry of Corporate Affairs has made it mandatory for companies to file all reports, applications, and forms using a digital signature only. The use of a digital signature is necessary even for filing all applications, amendments and other related forms.

FSSAI stands for Food Safety and Standards Authority of India which is an organization that monitors and governs the food business in India. It is an autonomous body that is established under the Ministry of Health & Family Welfare, Government of India. . It is a 14-digit registration or License number which needs to be printed on the food packages. Every food business operator involved in the manufacturing, processing, storage distribution and sale of food products must compulsorily obtain FSSAI Registration or License. It ensures the food products undergo quality checks thereby curtailing the food adulteration and sale of sub-standard products. It is responsible for the registering and licensing of the Food Business Operators (FBO) in India and it lays down the rules and regulations for running the food business in India.

The ESI scheme was started for Indian workers. The Employee State Insurance Scheme of India is a social security scheme is mainly Focused to provide social protection to employees and their families in the events like sickness, maternity, and death or disability due to an employment injury or occupational hazard. Any factory or establishment having more than 10 employees who have a maximum salary of Rs.21,000/- has to mandatorily register itself with the ESIC within 15 days from the date of its applicability. Under this scheme, the employer needs to contribute an amount of 3.25% of the total monthly salary payable to the employee whereas the employee needs to contribute only 0.75% of his monthly salary every month of the year. The only exemption to the employee in paying his contribution is whose salary is less than Rs.176/- per day.

IEC (Import Export Code) is required by anyone who is looking to start his Import/Export business in the country. It is issued by the Director General of Foreign Trade (DGFT). IEC is a 10-digit code that has lifetime validity. The Importer merchant cannot import goods without the Import Export Code and similarly, the Exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC. We are sustaining in a competitive world where everyone wants to grow their business beyond the limits of the domestic market but doing business globally isn’t everyone’s cup of tea. The Reserve Bank of India (RBI) has made it mandatory for all traders to mention their IE Code, while making any payment transfer or Sending money abroad. Customs Department also seeks IE code before clearing the shipment from overseas.