File Form MSME-1 in India

MCA Form MSME-1

If your company has yet to pay for the goods and services taken from MSMEs (Micro, Small, and Medium Enterprises) and it has been 45 days since you accepted the goods/services from them, then you need to file a half-yearly return through the MCA form MSME-1. It shall detail the following:

• Amount of Payment Due
• Reason for the Delay

To put it in simpler terms, every company which has received services or goods from MSMEs and payment for those services haven’t been made 45 days after receiving them has to file MCA form MSME-1.

Due date of filing Form MSME-I

The final date of filing the MSME-1 Form from the date of notification was 21st February 2019. However, the final dates of subsequent returns shall be:

1. Penalty to the company: Up to Rs. 25,000/-.
2. Penalty to the directors, CS, and CFOs: imprisonment up to 6 months or fine from Rs 25000/-to Rs. 300000/-. 

Penalties for Non-Filing of MSME-01 Form

Not filing the form MSME-1 shall lead to a penalty as per the Companies Act of 2013:

1. For the Half-yearly period from April to September: 31st October
2. For the Half-yearly period from October to March: 30th April

Now that this Form is mandatory, you don’t need to get panicky about how to file this Form. Instead, contact Registrationwala. Our team of experts shall assist you in filing form MSME-1.

Form MSME-1 Applicability

The applicability of Form MSME-1 is for all types of business entities registered with the MCA, including One Person Companies, Private Limited Companies, Public Limited Companies, and others. You should contact our experts if you are one of those companies that have yet to pay for the goods and services.

Eligibility Criteria for File Form MSME-1 in India

The companies that are eligible to file FORM MSME-1 have taken money from MSMEs and have yet to return it. Simply put, every company which has received services or goods from MSMEs and payment for those services haven’t been made 45 days after receiving them has to file MCA form MSME-1.

Documents Required for filing Form MSME-1

The information required to be filed in MSME-1 Form is as follows:

1. Total outstanding amount
2. Name of the supplier
3. PAN of the Supplier
4. Date from which the amount was due
5. Reason or reasons for payment delay

Process for filing Form MSME-1 

The procedure for filing MCA form MSME-1 is as follows:

1. Identification of MSME suppliers and asking them for their registration certificates.
2. Filing the Form with the required documents
3. Submitting the Form.

Our Assistance in filing the FILE FORM MSME1

We at Registrationwala provide end-to-end solutions for filing FILE FORM MSME-1. Our services include:

• Collection of information and starting the process
• Creating the first compliance draft
• Reviewing the draft and making changes if necessary
• Providing you with the confirmation receipt

Registrationwala.com is a leading legal consultancy firm providing comprehensive services relating to FILE FORM MSME-1. Contact us now to ensure you’re not penalized for not filing MSME-1 in India.