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MSME 1 Filings

MSME Form-1 (under Ministry of Corporate affairs) is to be filed by those specified companies whose outstanding payment to MSMEs suppliers is exceeding 45 days.

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How to file Form MSME-1 online
We help you to file this half yearly return in three easy steps
Understanding the concept

One of our team member helps you to understand the concept and the documents required to file this half yearly return.

Submission of requisite documents

Submit the documents required to file MSME-1 Form

Uploading and Approval

After verification of all the documents, we prepare your form, upload it and track the application status.

Outline 

The MSME Form-1 is to be filed for the payment of half yearly return with the Registrar of Companies (ROC) in respect of the outstanding payments to Micro or Small Enterprises.The Ministry of Corporate Affairs have made major changes for protecting the interest of groups of small companies or business. He laid emphasis on following compliance by all Specified Companies Whether Public or a Private Company, Micro or Small.The Companies who receive supply of goods or services from Micro or small enterprises and the amount of payment due with having the reasons of such delay, exceeds 45 days from the date of acceptance or date of deemed acceptance of the goods or services are required to file a half-yearly return.

Purpose of filing MSME Form-1

The purpose of filing MSME Form-1 is-
  1. To grow the Micro and Small Medium Enterprises and Small Scale Industries.
  2. To reduce the losses of Micro and Small Medium Enterprises and Small Scale Industries.
  3. The company gives a declaration to the registrar regarding the status of its outstanding dues with MSMEs

Applicability

As per a notification issued by the MCA it has been mandated to file disclosures through Form MSME I for every type of the Company – Public or Private Company, Micro or Small Companies; the Company that satisfies the following two conditions:
  • Company must have received Goods and/or Services from Micro or Small Enterprise
  • Payment must have been due/not paid, to such Micro and Small Enterprise for 46 days from the date of acceptance

Documents Required

Following documents required to file MSME Form-1
  1. Aadhaar card of Applicant
  2. Pan Card of applicant in case of proprietor Or Company/firm Pan Card in Case of Company/firm
  3. Bank Account Details
  4. Office and Plant Locations address and proof.
  5. AOA and MOA
  6. Bills of the equipment and the machinery.

Due Date for Filing Form MSME-1

Initially, One-time return was required to be filed within 30 days of publication of the order dated 21st February, 2019.

But since the form was not available on the MCA portal, now the form must be submitted within 30 dates from the date of its deployment on MCA portal i.e. from 1st May (as per the extended circular of MCA dated 21.02.2019).

Due date of subsequent returns is mentioned below:
  • For Half year period ‘April to September’ – 31st October
  • For half year period ‘October to March’ – 30th April

Penalty for Non-Compliance

Any company defaulting under these provisions would be forced to remit a fine of up to Rs. 25,000; whereas the defaults of a Director, CFO or CS would qualify for an imprisonment term of up to six months or a fine ranging between Rs. 25,000 to Rs. 3,00,000.

Why Tax my Tax

We help you to file your MSME-1  with complete online support. You need not to step outside your home and we guide you to enter into the business world hasselfree. At Tax My Tax , our team helps you to understand the concept and documentation require to file the form. 
  • Documentation as per Companies Act 2013
  • Professional Assistance
  • Dedicated Team
  • Time required: 6-7 working days
  • 100% Online Process

FAQ's

What details need to be furnished by companies in Form MSME-1?

Companies must furnish the following details to their concerning ROC via Form MSME-1: 1.The amount of payment due 2.The reasons for the delay 3.Supplier Name 4.PAN of supplier 5.Date from which amount is due

Do we need to file nil return for MSME?

No, only the specified Companies has to file MSME Form I and if there are pending payment beyond 45 days. Hence no NIL Return is required

What does MSME mean?

Micro Small & Medium Enterprises

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