MSME form-1 last date to file

Who requires filing MSME form-1?

The Ministry of Corporate Affairs notification dated 22^nd January 2019, directed every company, who get supplies of products or services from micro and small enterprises, and whole payments to micro and small enterprise suppliers  has exceed 45 days from the date of acceptance goods or services or from the date of deemed acceptance of the goods or services as per the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act,2006 (27 of 2006) (hereafter referred to as “Specified Companies”), would present a half yearly return towards the Ministry of Corporate Affairs stating the outstanding amount as well as the reason for such delay in the payment.   

We at eStartIndia provide meticulous assistance to the clients incorrectly filing the MSME form-1 as per the rules of the Government of India. Also, eStartIndia will assist our clients regarding all the necessary documents required and the procedure for filing the MSME form-1.

Last date for filing MSME form-1

The MCA directed a prerequisite to the corporations who have payment due to MSME enterprises to file the details of each and every outstanding due towards the particular Micro and Small Enterprises in Form MSME 1. Form MSME-1 is required to be filed within 30days once the form is made available by the MCA. The government has announced that the due date for MSME form 1 due is till 30^th May 2019 for every single eligible corporation.

MSME-1 FORM is requisite to file 2 times during May 2019 for the Initial Return for the amount outstanding as on 22^nd January 2019; and Half Yearly Return for the amount outstanding as on 31^st March 2019.  For the Initial one-time Return, the corporations must file the MSME-1 FORM, specifying all the payment due against the Micro or small enterprises providers existing on the date of the notice of the order within 30 days from the date of submission of E- form MSME-1 on the Portal of the MCA.

Penalty for non-filing of MSME form-1

In accordance with the Section 405 (4) of the Companies Act, 2013, the provisions for a penalty would be levied if the stated particulars are not deployed towards MCA on or before 20^th February 2019 or the submitted information is erroneous or imperfect. In case any corporation fails concerning the filing of  MSME-1 within 30 days or intentionally supplies any data or figures which is erroneous or imperfect in any regard, the corporation would be liable to pay a fine which might extend up to Rs. 25,000 and each officer of the corporation who fails to make the payment of the fine shall be imprisoned for a term which might extend up to  6 months or may be punished with a  fine not less than Rs. 25,000 up to Rs. 3,00,000 per individual.

eStartIndia operating in India provide professional tech-based online and legal services to our customer at an affordable cost. eStartIndia helps the clients to simplify the procedures in order to start a business, file tax returns online or any business related services. We are dedicated to providing quality service to clients in solving legal compliance related to running their business in India.

Author:

eStartIndia Team