As per the recent declaration make by the MCA, MSME form-1 is to be filled by the Specified companies to the Registrar of Companies. This blog details certain nuances associated with this declaration.
Who is required to file the MSME Form -1?
Companies that owe outstanding payments of credit of goods and services to the MSME form more than 45 days, are required to file the form. The notes related to filling this form are given below:
1.Within 30 days of the publication of this notification, the specified companies should file the MSME form-1. These forms should detail the dues that these companies have to pay to the MSMEs (Micro Small and Medium Enterprises).
2.Every specified company has to file the returns as specified in MSME Form-1 by October 31st for the period from April to September. For the period from October to March, the specified companies should file the returns by April 30.
Specified Company is term used here to specify every form of Private limited or Public Limited Company who has received Goods and/or services from MSMEs and has not paid for them for them till 45 days.
Types of returns are as follows:
1.The Initial Return: This return would entail the following two things:
a.The outstanding amount that is to be paid to the MSME
b.The details of the suppliers and the payments that are due (details would also entail the PAN of the suppliers)
2.Regular Half Yearly Return: In these returns, the following types of information are to be specified:
a.The total outstanding dues for the period and the suppliers during this period.
b.The reasons that the payments are delayed.
This notification has just arrived. If you have more questions about this, just contact Registrationwala.
