What do you mean by statutory payments?

Dear Friend Statutory Payment Statutory Payment refers to "of or related to statutes," or usually known as laws or regulations set down by a legislature. Statutes may originate with national, state legislatures or local municipalities. Thanks

Dear friend, **Meaning** Statutory payments are those taxes and dues which laid down by Government , statutory entities, local authority to be paid by the persons to whom they are made applicable . Such statutory payments are levied by them which are to be paid by the companies, firms, banks proprietors and other business as the case me. **Types of Statutory Payment** Some statutory payments are Service tax, Excise Duty, Wealth tax, VAT, CST, Income tax, Employee provident fund, Employees state insurance, Professional Tax, turnover tax, Local authority taxes municipality taxes etc.