Compulsory registration of EPFO & ESIC for newly incorporated companies
- Incorporation
- DIN allotment
- Mandatory issue of PAN
- Mandatory issue of TAN
- Mandatory issue of EPFO registration
- Mandatory issue of ESIC registration
- Mandatory issue of Profession Tax registration(Maharashtra)
- Mandatory Opening of Bank Account for the Company and
- Allotment of GSTIN (if so applied for)
As soon as MCA notified the new form , concern raised by stakeholders w.r.t compulsory registration of EPFO & ESIC. As, the governing acts of EPFO & ESIC i.e. The Employees’ Provident Funds Scheme 1952 & Employees State Insurance Act, 1948 has specific threshold limits for applicability of the acts to any organization. As, compulsory registration will increase compliance cost for new companies as EPFO and ESIC registration will lead to filing of monthly returns.
In response to the concerns MCA clarified w.r.t applicability of EPF & ESIC. As clarified by MCA and Ministry of Labour Only registrations under EPF & ESIC will be compulsory for new companies, but will have to file statutory returns specified under the acts, only when they cross thresholds prescribed under the relevant Acts.
ESIC department issued circular dated 21/11/2022 wherein it has asked all such companies kindly login to ESIC portal and extend dormant status at every six months in case ESIC provisions not applicable due to zero employees or no of employees are below threshold. Read more
