MSME 1


About MSME form 1:

This form is to furnish the half-yearly return with the ROC ( Registrar of Companies) in respect of outstanding payments to Micro or Small Enterprises.

Who Will file MSME form 1:

As per section 405 of the companies act, 2013 ROC had mandate this form is to be filed by the specified companies

        1. who get their supplies of goods and services from micro and small enterprises.

&

        2. whose payment is outstanding for more than 40 days*
* ( 40 days will be calculated from the date of acceptance or deemed acceptance the goods or services, as the case may be)

When MSME form 1 to be file:

Every specified company must file this form on a half-yearly basis.

ROC had divided the MSME form 1 into 2 parts:

First part: Initial Return 

Second part: Regular Return

                  Period                                         Due date

From April to September                                                       31st October

From October to March                                                         30th April

(Note: for both the returns whether an initial return or regular return is selected, the due date is same that is within 30 days from the date of notification issued by ROC i.e. 30th May 2019.)

What happens if Initial return is selected

If the specified company wants to file the MSME form 1 by selecting the Initial return button, then the following points will have to be filed:

  1. Total outstanding amount dues to micro, small enterprises till the date of notification of this order.
  2. Detail* of the name of suppliers with the amount due to them.
  3. Reason for delay in amount had to be specified. 
Focus: Detail includes 

Financial year from
Financial year to
Name of the supplier
Pan of the supplier
Amount Due
Date from which amount is due

Note: 
  • A Maximum number of suppliers can be added in the single form are 99 only.
  • If a number of suppliers are greater than 99 then new MSME form 1 had to be file.
  • or reason single column is provided in the form.

What happens if Regular return is selected

If the specified company wants to file the MSME form 1 by selecting the Regular return button, then the following points will have to be filed:
  1. The period is to be selected (from April to September or October to March).
  2. Total outstanding amount dues to micro, small enterprises in the above selected period.
  3. Detail* of the name of suppliers with the amount due to them.
  4. Reason for delay in amount had to be specified. 
Focus: Detail includes 

Financial year from
Financial year to
Name of the supplier
Pan of the supplier
Amount Due
Date from which amount is due

Note: 
  • A maximum number of suppliers can be added in the single form are 99 only.
  • If a number of suppliers are greater than 99 then new MSME form 1 had to be file.
  • or reason single column is provided in the form.

Common detail either Initial period is selected or Regular Return is selected

The following detail is mandatory in both cases:
  1. CIN (Corporate Identity Number)
  2. PAN of the company
  3. Person DIN/PAN/membership number who is signing the form (as the case may be)
  4. DSC of the person signing the form.
(For more detail please visit at Hoogmatic or read at blogger)










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