Latest Format of MSME Form I Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises
MSME provision as per Companies Act 2013
Non-compliance with filing MSME-1 by specified companies will attract a penalty under Section 405(4) of the Companies Act, 2013. As per Section 405(4), if any company fails to file MSME-1, the company and every officer in default will be liable to a penalty of Rs. 20,000. In case of continuing failure, the company and every officer in default will be liable for a further penalty of Rs. 1,000 for each day the failure continues, subject to a maximum of Rs. 3 lakh
MSMED Act 45/15 days payment provision
The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, includes provisions to protect micro and small enterprises. According to the Act:
- If a buyer purchases goods or services from a micro or small enterprise that has filed a memorandum with the specified authority, the buyer is required to make payment on or before the agreed date between the buyer and supplier in writing.
- Without a Written Agreement: If no date is agreed upon, the payment must be made within 15 days of acceptance of goods or services.
- With a Written Agreement: The maximum period allowed for payment is forty-five days from the day of acceptance or deemed acceptance.
- If the buyer fails to pay within this period, they are liable to pay compound interest with monthly rests to the supplier on the amount at three times the bank rate notified by the Reserve Bank.
These provisions ensure timely payments to micro and small enterprises and provide them with interest on delayed payments, thereby securing their financial interests.
Latest Format of MSME Form I Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises as notified vide Companies (Furnishing of information about payment to micro and small enterprise suppliers) Amendment Order, 2024
(a)S. No. |
(b)Name of MSE Supplier |
(c)PAN of the Supplier |
(d)Paid within 45 days |
(e)Paid after 45 days |
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Through TReDS(i) |
Other mode of payments(ii) |
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No.Through TReDS |
Amount(Rs.)Through TReDS |
No.Other mode of payments |
Amount(Rs.)Other mode of payments |
No.Paid after 45 days |
Amount(Rs.)Paid after 45 days |
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–
(f)Outstanding for 45 days or less |
(g)Outstanding for more than 45 days |
(h)Reason for delay in payment / amount outstanding |
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No.Outstanding for 45 days or less |
Amount (Rs.)Outstanding for 45 days or less |
No.Outstanding for more than 45 days |
Amount (Rs.)Outstanding for more than 45 days |
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