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In the event that your organization still can’t seem to pay for the goods/services taken from MSMEs (Micro Small and Medium Enterprise) and it has been 45 days since you acknowledged the products/services from them, at that point you have to document a half-yearly return through the MCA form MSME-1. It will detail the accompanying:
- The measure of installment due.
- The purpose behind the deferral.
To place it in less complex terms:-
Each organization which has gotten administrations or products from MSMEs and installment for those administrations haven’t been made 45 days subsequent to getting them needs to document MCA structure MSME-1.
Since this structure is required, you don’t have to get panicky on the best way to document this Form. Contact CoTaxo and our group of specialists will help you in recording structure MSME-1.
Note – The relevance of structure MSME-1 is for a wide range of business elements enrolled with the MCA including One Person Company, Private Limited Company, Public Limited Company, and others. On the off chance that you are one of those organizations that still can’t seem to pay for the merchandise and enterprises, you should contact our specialists.
Below information is required :
- Total outstanding amount.
- Name of the supplier.
- PAN of the Supplier.
- Date from which the amount was due.
- Reason or reasons in payment delay.
The final date of filing MSME-1 form from the date of notification was 21st February 2019. However, the final dates of subsequent returns shall be:
- For Half yearly period from April to September: 31st October.
- For Half-yearly period from October to March: 30th April.
Non-filing the form MSME-1 shall lead to penalty as per Companies Act 2013:
- Penalty to the company: Up to Rs. 25,000/-.
- Penalty to the directors, CS, and CFOs: imprisonment up to 6 months or fine from Rs 25,000/-to Rs. 3 Lakh.