Eventually, Employee's State Insurance Corporation(ESI) is a self-financing social security and health insurance scheme for Indian workers. The scheme provides employees with a comprehensive Social Security Scheme for protecting the employees during sickness, injury or disability.
ESI contributions must be made by the employer for all employees having a salary of less than Rs.15,000 per month. Therefore, the employer must contribute 4.75% and the employee must contribute 1.75% of the wages for ESI.
Organizations under ESI coverage must file an annual return showing the changes if any during the preceding year. Return of contributions enclosing a copy of all ESI contributions paid must submit once every six months.
Hence, Employee's State Insurance Corporation(ESI) has a self-ESI provide employees registered the scheme with a host of medical and sickness benefits. Employees registered under the scheme can avail medical facilities and are also entitled to sick pay benefits.
ESI Registration for Employers having more than 10 employees. Therefore, The Employer must contribute 4.75% of the Employees wages towards ESI. Once, registered the organization has allotted a 17 digit unique identification code.
ESI due date
Due Date for ESI payment
ESI return contribution has to deduct every month from the employee and it has to be contributed to the department. So ESI payment due date is monthly, on or before the 15th of next month. It is similar to PF in this respect.
ESI return due date
ESI return filing has done on a half-yearly basis and therefore, the due dates are fixed as 11th of November and May.
|Due Date for ESI payment||On or before 15th of every month|
|ESI Return due date||11th of Nov and 11th of may|
Hence, An employer who does not pay the contribution within the time limit shall be liable to pay simple interest at the rate of 12% per annum for each day of the default or delay in payment of contribution.
Procedure for ESI return filing
Below are the steps to be followed
- Log in employer portal using the 17 digit employer digit code
- GO to the monthly contribution section
- All the details of the employer contribution will be displayed
- Verify the details.
- If there are any short payments in respects of the employer then complete the dues.
- Do self-certification under monthly contribution section, and then check to mark the declaration and submit the return.
How we help with ESI return filing
Here, Virtual Auditor can help your business to file ESI return and make ESI payments on time.
Document Collection Here, A Virtual Auditor ESI Expert will collect the necessary information and documents for preparation of ESI return for your business.
Return Preparation Therefore, based on the documents and information presented, a Virtual Auditor ESI expert will prepare your ESI return and send for your approval.
Return Filing Once the ESI return is verified and approved by you. Hence, Our ESI expert will file your ESI return with the ESIC department.