State responsibilities of business towards government (CLASS XII) (OCM)

 

State responsibilities of business towards government. 

Answer: Following are the responsibilities of the organization towards government. 

1) 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. 

 2) Observing rules and regulations: The rules framed by the government for business should be fully complied with. 

 3) Earning Foreign Exchange: The government also expects from business organizations that it will earn foreign exchange by exporting goods. 

4) Economic Development: The government sets the targets for balanced and rapid economic development of the country. The business organization should provide necessary cooperation to the government.