MSME Form 1

Notification :- On 22nd January, 2019 MCA notified the Section 9 of MSMED Act, 2006 in Companies Act 2013 vide exercised its power under Section 405 of the Companies Act, 2013.

Provision :– The said provision can be understand in two parts

1. Part I – Initial Return :- “Every Specified company shall file in MSME Form I details of all outstanding dues to the Micro or Small Enterprises existing on the date of notification of this order within 30 days from the date of this notification i.e, 21st February,2019.

1. Part II – Half Yearly Return :- “Every Specified company shall file a return as per MSME Form I, by 31st October for the period from April to September and by 30th April for the period from October to March.

Details to be filed with MCA in the Form are :-

1. The amount of payment due; and
2. The reasons of the delay;

Important Definitions :-

1. Specified Companies :- All the Companies who get supplies of goods or services from Micro or small enterprises and the payment not made within 45 days from the date of acceptance or the date of deemed acceptance of goods or services.
2. Entities to be identified as Micro or Small enterprises :- Any class or classes of enterprises, whether proprietorship, Hindu undivided family, association of persons, co-operative society, partnership firm, company or undertaking, by whatever name called”

Update as of now :- Form MSME 1 has not been made live online on MCA website and there is absolute chance that last date for filing initial return will be extended.