{URGENT NOTICE} E-Form MSME-1 : LAST DATE IS 30.05.2019

URGENT NOTICE (E-Form MSME-1) : LAST DATE IS 30.05.2019

As per MCA Notification dated 22.01.2019, every Company (Public or Private) which receives goods/services from MSME (Micro, Small or Medium Enterprise) and whose payments to MSME suppliers exceeds 45 days, shall file:

(a) Form MSME-1 also has to be filed twice:
i) First MSME-1 for amounts outstanding as on 22.01.2019. This is a one time return.
ii) Second MSME-1 for amounts outstanding as on 31.3.2019. This is a half yearly return.

(b) MSME-1 is also NOT REQUIRED to be filed where there is NIL reporting/outstanding.

(c) It is to be filed only when amount due is to suppliers who are registered under MSME Act 2006 and company knows about the same.

(d) Invoice based entries need to be done and not vendor based. So separate entry for each invoice.

(e) Both MSME returns are to be filed by 30th May 2019.

Format for disclosure:
• Financial Years
• Name of Suppliers
• PAN of Suppliers
• Amount Due
• Specify the date from which amount is due

Penalty for Non-Filing of Form MSME-1
> On Company – upto Rs. 25,000
> On Directors, CFO and CS – Imprisonment – up to 6 Months Or Fine – not less than Rs. 25000 upto Rs. 300000 per person

FOR MORE ABOUT MSME CLICK HERE

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