Form MSME- 1 is a half-yearly return filing in the event that your company is not paying for the services/goods taken from MSME.
The Ministry of Corporate Affairs notification dated 22nd January 2019, directed every company, who gets supplies of products or services from micro and small enterprises. Basically, it is for those businesses whose payments to micro and small enterprise suppliers have not been made for 45 days from the date of acceptance goods or services. According to this notification, these corporations would present a half-yearly return towards the Ministry of Corporate Affairs stating the outstanding amount as well as the reason for such delay in the payment.
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The MCA directed a prerequisite to the corporations that have payment due to MSME enterprises to file the details of each and every current outstanding payment due to the particular Micro and Small Enterprises in Form MSME 1. Form MSME-1 is required to be filed within 30days once the form is made available by the MCA. The government has announced that the due date for MSME form 1 due is till 30th May 2019 for every single eligible corporation.
MSME-1 FORM is requisite to file 2 times during May 2019 for the Initial Return for the outstanding amount as on 22nd January 2019, and Half Yearly Return for the outstanding amount as on 31st March 2019. For the Initial one-time Return, the corporations must file the MSME-1 FORM, specifying all the payment due against the Micro or small enterprises providers that exist on the date of the notice of the order within 30 days from the date of submission of E- form MSME-1 on the Portal of the MCA.
In accordance with Section 405 (4) of the Companies Act, 2013, the provisions for a penalty would be levied if the stated particulars are not deployed towards MCA on or before 20th February 2019 or the submitted information is erroneous or imperfect. In case any corporation fails concerning the filing of MSME-1 within 30 days or intentionally supplies any data or figures which are off erroneous or imperfect in any regard, the corporation would be liable to pay a fine which might extend up to Rs. 25,000 and each officer of the corporation who fails to make the payment of the fine shall be imprisoned for a term that might extend up to 6 months or maybe punished with a fine not less than Rs. 25,000 up to Rs. 3,00,000 each individual or maybe with both.
