MSME Form Filing

Overview of MSME Form Filling

MCA Circular 22nd January 2019 directed all companies, who get supplies of goods or services from micro and small enterprises and whose payments are pending to micro and small enterprise suppliers exceed forty-five days from the date of acceptance or the date of deemed acceptance of the goods or services shall submit a half-yearly return in MSME Form I to the Ministry of Corporate Affairs stating the following:

(a) the amount of payment due; and

(b) the reasons for the delay;

Eligibility to file MSME Form?

All companies who have taken the services or obtained goods from MSME registered suppliers and whose payments are pending for exceeding 45 days from the date of acceptance or the date of deemed acceptance of the goods or services shall submit a half-yearly return in MSME Form I.

Purpose

To strengthen the provision of the MSMED Act, the MCA introduced Form MSME-1. 

MSME-1 is a half-yearly return that needs to file in case of outstanding payments to the MSME Supplier describing the reason for such delay.

If there is no delay in payments, there is no requirement to file MSME Form-1.

Information filed in Form MSME-1

• Outstanding amount due against the supply of goods or services
• Name and PAN of the suppliers
• Date from which the amount is due
• Reason for delay in payment of the amount due

Due Date for Filing Form MSME-1

• For the October-March period- 30 April
• For the April-September period- 31 October

Penalty in case of Non-Compliance

If any company fails to comply with an order made Central Government, or furnishes any information or statistics which is incorrect or incomplete in any material respect, the company and every officer of the company who is in default shall be liable to a penalty of Rs 20,000 rupees and in case of continuing failure, with a further penalty of one thousand rupees for each day after the first during which such failure continues, subject to a maximum of  Rs 3 lakh rupees.