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What is MSME Form 1
The MSME I Form provides information on a half-yearly basis in the context of the outstanding payments to Micro or Small Enterprises for a period exceeding 45 days with the Registrar of Companies (ROC). Changes have been made by the Ministry of Corporate Affairs in the context of protecting the interest of the small group of companies or businesses.
Ministry of corporate affairs laid emphasis on following compliance by all Specified Companies Whether Public, Private Company, Micro, or Small.
What are the details to be mentioned in MSME 1 form:
Two Types of Return that has to be Filed
MSME Form 1 – Initial Return
The government has declared the MSME form 1 due date till 30th May 2021 for all eligible companies. The department earlier said that the due date for companies to file the form will be 30 days from when it is uploaded on the official website
MSME Form 1 Due Date- Half Yearly Return
Form MSME I (half-yearly return) has to be filed within 45 days from the end of each half-year in respect of outstanding payments to Micro or Small Enterprise i.e. 30th April 2021 (for October 2020 to March 2021) 31st October 2021 (April 2021 to September 2021).
1) In the First category comes those Enterprises which are engaged in the manufacturing and production of goods for any industry.
2) In the second category comes those enterprises which are engaged in providing or rendering services
The companies should file, the MSME Form I detailing all the outstanding/ dues against the Micro or small enterprises suppliers that are existing on the date of notification of the related order within 30 days from the date of deployment of E-form MSME-1 on the MCA Portal.
“Form MSME I (half-yearly return) has to be filed within 30 days from the end of each half-year in respect of outstanding payments to Micro or Small Enterprise i.e. 30th April 2020 (for October 2019 to March 2020) 31st October 2020 (April 2020 to September 2020)”
All the Companies falling under the above-mentioned category, would require to file MSME Form I as a half-yearly return by October 31st, for the period from April to September and later by 30th April for the period from October to March and must furnish the below details in it:
1) The amount of payment due and
2) reasons for the delay