What are the responsibilities of business towards the government?
Solution:
Responsibilities Towards Government:
The following are the responsibilities of the organization towards the government.
Timely Payment of Taxes:
The government imposes various types of taxes like sales tax, income tax, wealth tax, etc. Business units should pay these taxes from time to time. It would be difficult for the government to undertake development projects without the availability of funds.
Observing rules and regulations:
The rules framed by the government for business should be fully complied with. The business should follow the laws regarding obtaining a license for a specified business, the operation of the business, price determination and production, etc. They should conduct business in a lawful manner.
Earning Foreign Exchange:
The government also expects from a business organizations that it will earn foreign exchange by exporting goods. The government requires this foreign exchange for importing various goods. valuable and important products.
Economic Development:
The government sets the targets for the balanced and rapid economic development of the country. The business organization should provide necessary cooperation to the government.
Implementing Socio-Economic Policies:
The government expects cooperation and help from the business sector in implementing socio-economic programs and policies.
Suggestions to the Government:
The business organization can provide suggestions to the government before framing important policies such as Industrial Policy, Import-Export Policy, Licensing Policy, etc. Such suggestions are helpful for framing organization-friendly policies.
No favors:
The commercial organization should not take any favor from the government officials by bribing or influencing them.
Contributing to Government Treasury:
The Commercial organization must contribute the funds to the government during emergencies and natural calamities like floods, earthquakes, etc.
