Following is the brief write-up regarding MSME Form I which has to be filed by some specified companies. As per the order, every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification.
But here’s the question arise that who shall be eligible to file this FORM-MSME-1, As per the Notification order dated 22.01.2019 specified companies are all companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act, 2006.
TYPE OF ENTITIES COVER UNDER MICRO AND SMALL ENTITIES
Association of Persons,
Hindu Undivided Family,
HOW TO IDENTIFY MSME COMPANIES?
As per notification dated 22.01.2019 “Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification.”
The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under:
Enterprises engaged in the manufacturing or production, processing or preservation of goods as specified, where investment in plant and machinery is as follows:
Does not exceed Rs. 25 lacs
More than Rs. 25 Lacs but doesn’t exceed Rs.5 Crore
More than Rs. 5 Crore but doesn’t exceed Rs.10 Crore
NOTE: Form MSME-1 is not applicable in case of Medium Enterprises.
AND SPECIFIED COMPANIES AS PER NOTIFICATION ARE
Every Public or Private Company who
Received Goods or Services from MSME
Whose Payment Due Or Not Paid Till 45 Days from the date of acceptance or the date of deemed acceptance of the goods or services.
WHAT IS DATE OF DEEMED ACCEPTANCE?
Date of deemed acceptance means the date of actual delivery of goods or rendering of services, where no objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services.
WHO SHALL NOT FILE “MSME FORM I”?
Companies who have no outstanding dues to Micro or small enterprises
Companies who have outstanding dues to Micro or small enterprises less than 45 days
WHICH DETAILS REQUIRED TO BE FURNISHED FOR “MSME FORM I”?
the amount of payment due;
valid reasons for the delay;
DUE DATE FOR FILING OF MSME FORM I FOR HALF YEARLY RETURN
For the period from April to September
For the period from October to March
This form is to be filed within 30 days of publishing of the notification on official gazette.
It is published on 22nd January 2019.
DUE DATE FOR FILING OF MSME FORM I FOR ONE TIME RETURN
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