File Form MSME-1 is for the payment of half-yearly return with the Registrar of Companies(ROC), it has to be filed pursuant to notification from the Ministry of Corporate Affairs. It is required that all the companies who receive supply goods or services from micro and small enterprise shall submit a half-yearly return. If the payment that has to pay to these companies exceeds forty-five days from the day of acceptance of the goods and services then they shall submit a return to the Ministry of Corporate Affairs in form MSME. The amount of payment due and the reason for the delay of the amount shall be stated in it.
KEY POINTS to File Form MSME-1:
It applies to micro or small company, public or private company who has received goods or services from micro or small enterprises.
In case the payment is pending beyond 45 days of the acceptance of the goods and services, then the form is to file with details of the amount to be paid and the reason for the delay.
- In case the payments are made before 45 days of the acceptance of the goods or services, then the form is not required to be filed.
Nil return is not compulsory in this form.
The re-reimbursement of expenses is not covered under MSME.
Before taking the orders, the companies shall take a declaration from suppliers if they fall under MSME or not.
It is required that the form shall be signed by the management of the company only.
Step by step procedure to file form 1:
- Download the form from the MCA portal and once done, open the form and select whether the filing is for initial return or for the regular half-yearly return.
- Once you have selected the purpose of the filing, enter the CIN of the company and click on the prefill button.
- After you click on the prefilled button, the system will display the name, address of the registered office, email ID of the company. You can edit the e-mail ID of the company and enter a revised one.
- Enter the details of the company such as Corporate identity number, global location number, and the PAN.
- Enter the total amount due as on the date of notification of the order i.e. 22 January. The form is deployed by the MCA on a later date, but still, the details of the amount due are required to be filed on the notification date. The amount due as on 22 January has to be entered till any further notification is received from the MCA.
- After this, enter the number of suppliers whose amount is due with details like name, PAN, amount due, a financial year from which, and to the amount relates. The number of entries per form is 99 and if a company has to make more entries, then another form has to be filed by the company.
- It is mandatory to state the details based on the reason for the delay in the payment amount.
- There is no mandatory attachment in the form. However, it is recommended to attach any particular attachment for the validation to further avoid any kind of discrepancy.
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