Article explains Law Governing the file of MSME- I Form as notified vide Notification Date 22-01-2019, Due Date to File Return, Important Definition, Details Required in Form MSME-I, Procedure to file Form MSME-I, Penalty for Non-Filing of Form MSME-1 and Exemptions to the Rule related to filing of Form MSME-I.
(a) the amount of payment due; and
(b) the reasons of the delay;
Shall submit One Time Return for the amount outstanding as on 22nd January, 2019
What is SPECIFIED COMPANIES
supplies of goods or services from micro and small enterprises and
Due Date to file the form:
|Sl. No.||Return Period||Due Date|
|1||One Time Return (Based on Outstanding as on 22nd January 2019)||30 May 2019|
|2||April to September||31st October|
|3||October to March||30th April ( for the 31st March 2019 date extended to 30 May 2019)|
Day of Acceptance means:
(a) The day of the actual delivery goods or the rendering of services; or
(b) 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.
Day of Deemed Acceptance means
Micro & Small Enterprises means
|Classification||Investment in Plant and Machinery (in INR)||Investment in Plant and Machinery (in INR)|
|Sector||Manufacturing Sector||Service Sector|
|Micro||Below INR 25 lakhs||Below INR 10 lakhs|
|Small||More than INR 25 lakh but does not exceed INR 5 crore||More than Rs.10 lakh but does not exceed Rs. 2 crore|
DETAILS TO BE FURNISHED IN MSME-1 :
1) Firstly identify your MSME registered suppliers and ask for their registration certificate.
2) If there are any such suppliers who are Registered under MSME Act and if the payments to them are due for more than 45 days from the of of the date acceptance goods and services, then details of such suppliers shall be furnished in Form MSME-1.
Penalty for Non-Filing of Form MSME-1
|On Company||–||Upto Rs. 25000|
|Directors, CFO On and CS||Upto 6 Months||Not less than Rs. 25000 upto Rs. 300000 per person|
Exemption to the Rule:
1) Form MSME-1 is not applicable in the case of Medium Enterprises
|Sector (Investment in plant & machinery)||Sector (Investment in equipment)|
|Medium Enterprises||More than Rs. 5 Crore but does not exceed Rs. 10 Crore||More than Rs. 2 Crore but does not exceed Rs. 5 Crore|
2) application only for those specified companies whose payment to micro & Small Enterprises exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of section 9 of the MSME Development Act, 2006;
3) If payment Exceed 45 days but supplier/Creditors given a declaration that they do not fall under Micro or small Enterprises
The information given in this document has been made on the basis of the provisions of Companies Act, 2013 and rules made there under. It is based on the analysis and interpretation of applicable laws as on date. The information in this document is for general informational purposes only and is not a legal advice or a legal opinion.
Further, All efforts have been made to provide you comprehensive knowledge about the form and its application. In case, you need any professional assistance; drop us an email or give a call.