ESI damages calculation

[vinay bl]

Members,

Can anyone please enlighten me, how the damages will be calculated/imposed in case of late payment of ESI contribution. 

I referred Section 40 of the ESI Act which says the principal employer should pay the contributions and Section 85B which speaks about power to recover the damages. No where in the Act I could find the way in which the damages is calculated. Is there any circular or notification into this effect????

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Thanks and Regards

Vinay B L

[vinay bl]

The damages will be calculated as per the following slab:

1. On the delay of upto 2 months @5% PA
2. 2 months to 4 months 10% PA
3. 4 months to 6 months @ 15% PA
4. 6 months and above @ 25% PA

[vinay bl]

The damages will be calculated as per the following slab:

1. On the delay of upto 2 months @5% PA
2. 2 months to 4 months 10% PA
3. 4 months to 6 months @ 15% PA
4. 6 months and above @ 25% PA

On Wed, May 25, 2011 at 5:22 PM, vinay bl <blvi...@gmail.com> wrote:

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[Bidu Bhusan Dash]

That 5%,10%,15% and 25% is on what amount, that is on the ESI contribution amount or what ?

Regards

Bidu

[vinay bl]

Yes it is on ESI contribution (both on employer and employee contribution)

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