MSME Form 1

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:

• The amount of payment due and
• The reasons for the delay

 

Two Types of Return that has to be Filed

• Initial Return
• Half-Yearly Return

 

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.

• Manufacturing Enterprises: As per the first schedule to the Industries (Development and Regulation) Act, 1951, the Manufacturing enterprises defined in terms of investment in Plant & Machinery, are those enterprises that are engaged in the manufacture or production of goods for any specific industry.

2) In the second category comes those enterprises which are engaged in providing or rendering services

• Service Enterprises: Defined in terms of investment in equipment, service enterprises are those enterprises that are engaged in providing or rendering services.

Procedure Filing 

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