The report presents an overview of the compliance complexity and challenges faced by entrepreneurs and employers in the retail industry
Bengaluru: ‘Simplifying Compliance Management for the Retail Industry’ report by regulatory technology company Teamlease Regtech presents an overview of the compliance complexity and challenges faced by entrepreneurs and employers in the retail industry. It also delves into the recent policy reforms to provide insights into the industry’s future outlook.
The report classifies the retail industry into four segments comprising both traditional and new-age services and elucidates different categories and types of compliances in the industry.
The report also takes a look into the state of criminalisation in the retail industry and various compliance challenges for retail companies. It also recommends steps that can be taken by enterprises to transform compliance processes and suggests policy changes that can further improve the ease of doing business.
Key findings of the report are as follows:
- Retail chains with multiple stores across different cities and states face more than 3,000 compliance requirements including maintenance of records, returns, and filings under the Payment of Bonus Act, 1965; Minimum Wages Act, 1948; Employees’ State Insurance Act, 1948; Contract Labour (Regulation and Abolition) Act, 1970 and Bureau of Indian Standards Act, 2016 among others.
- Legislation for the food retail segment includes the Food Safety & Standards Act, 2006 and Food Safety & Standard Rules, 2011, Food Safety & Standards Act, 2006 & Food Safety and Standards (Licensing and Registration of Food Businesses) Regulations, 2011 and Food Safety and Standards Act, 2006, Food Safety and Standards (Packaging) Regulations, 2018, and among others.
- An enterprise operating a retail chain must comply with at least 1,666 labour-related, 463 environment, health & safety-related and 402 industry-specific compliances.
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