Compliance

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MSME -1 Return

Overview
Documents Required / Details of the product
Process

If your company has yet to pay for the goods and services taken from MSMEs (Micro Small and Medium Enterprise) and it has been 45 days since you accepted the goods/services from them, then you need to file a half-yearly return through the MCA form MSME-1. It shall detail the following:

The amount of payment due.
The reason for the delay.

To put it in simpler terms:-
Every company which has received services or goods from MSMEs and payment for those services haven’t been made 45 days after receiving them has to file MCA form MSME-1.
Now that this form is mandatory, you don’t need to get panicky on how to file this Form. Contact Taxcomate and our team of experts shall assist you in filing form MSME-1.

Note – The applicability of form MSME-1 is for all types of business entities registered with the MCA including One Person Company, Private Limited Company, Public Limited Company, and others. If you are one of those companies that have yet to pay for the goods and services, you should contact our experts.

1. Procedure to File Form MSME-1

The procedure of filing MCA form MSME-1 is as follows:

Identification of MSME suppliers and asking them for their registration certificate.
Filing the form with the required documents
Submitting the form.

2. Documents Required for File Form MSME-I

The information required to be filed in MSME-1 form are as following:

Total outstanding amount.
Name of the supplier.
PAN of the Supplier.
Date from which the amount was due.
Reason or reasons in payment delay.

3. Due Date of Filling MSME-I

The final date of filing the MSME-1 form from the date of notification was 21^st February 2019. However, the final dates of subsequent returns shall be:

For Half-yearly period from April to September: 31^st October.
For the Half-yearly period from October to March: 30^th April.

4. Penalties for Non Filing of MSME-01 Form

Not filing the form MSME-1 shall lead to penalty as per Companies Act 2013:

Penalty to the company: Up to Rs. 25,000/-.
Penalty to the directors, CS, and CFOs: imprisonment up to 6 months or fine from Rs 25,000/- to Rs. 3, 00,000/-

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MSME -1 Return Registration

₹1,999.00

MSME -1 Return in just 10 Days

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