MSME FORM I- (Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises.)
PURPOSE OF MSME FORM I:
Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises.
APPLICABILITY OF MSME FORM I:
All companies, who get supplies of goods or services from micro and small enterprises and whose payments 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 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.
IMPORTANT CONCEPTS:
i) Day of acceptance means:
the day of the actual delivery of goods or the rendering of services; or;
where any objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day on which such objection is removed by the supplier.
ii) Day of deemed acceptance:
where no objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day of the actual delivery of goods or rendering of services.
POINTS TO BE NOTED:
i) Amount of GST Outstanding also forms part of outstanding dues;
ii) In case a default has been made good, the fact that there was a default at any point of time during the half year, must be reported;
iii) In case a company has outstanding dues to a MSME for period exceeding 45 days at any point of time during April to September and has settled dues before 31st October should be reported in October half yearly return and for October to March to be reported in April half yearly return.
DETAILS REQUIRED TO BE FILLED IN THE MSME FORM I:
| Particulars of the name of suppliers (MSME) and amount of payments due | |||||||||
| SL No. | Financial Year From | Financial Year To | Name of Supplier | PAN of Supplier | Amount Due | Specify the date from which amount is due | Reasons for the Delay in amount due | MSME y/n |
O/s for more than 45 days y/n |
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Author Bio
Please clarify which date should enter in MSME half yearly return half “specify the date from which amount is due”
Very helpful