MSME Form – 1 is an obligatory filing required by the Ministry of Corporate Affairs for all those companies that have transactions with those vendors / suppliers who are registered as Micro, Small and Medium Enterprises (MSMEs) under the MSME Act, 2006 and its amendments from time to time.
Due Date:
MSME Form – 1 is required to be submitted on half yearly basis to the Registrar of Companies, the due dates are as follows:
- Form – 1 of April to September is due by on or before October 31st.
- Form – 1 of October to March is due by on or before April 30th.
Checklist:
- List of MSE creditors with their PAN.
- MSE payments done within 45 Days from the date of receipt / acceptance.
- MSE payments done after 45 Days from the date of receipt / acceptance.
- MSE Outstanding for 45 Days or less from the date of receipt / acceptance.
- MSE Outstanding for more than 45 Days from the date of receipt / acceptance.
- Digital Signature Certificate.
- MCA Login credentials.
Cost of non-compliance:
Non-compliance with filing MSME Form – 1 by the specified companies will attract a penalty under Section 405(4) of the Companies Act, 2013. As per Section 405(4), if any company fails to file MSME Form – 1, the company and its each officer in default will have to pay a penalty of INR. 20,000.00, in case, if the non-compliance continues, an additional penalty of INR. 1,000.00 per day will be imposed for each day the failure continues, with the maximum penalty of up to INR.3.00 Lakhs.
Yet to file your MSME Form – 1, please do let us know, how can we help you with.
Disclaimer
This document has been issued in the general interest of knowledge transfer purpose and it cannot be construed in any other manner whatsoever.
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