MSME Compliance (Form MSME - 1)
Micro, Small or Medium Enterprises compliances required to be followed by all types of company through filing of Form MSME-1 twice a year.
about MSME compliance
In order to safeguard money of micro, small and medium enterprise, MCA has come up with all new regulation in the form of MSME-1 form in which a company is required to report outstanding amount towards any goods or services availed from those enterprises which are registered as micro, small or medium enterprise under Micro, Small and Medium Enterprises Development Act,2006. This form is to be filed by every company twice in financial year.
What is form MSME?
Applicability of form MSME-1
It mandatory to file disclosures through e-Form MSME-I for every type of the Company – Public or Private Company, Micro or Small Companies; the Company who have received Goods and/or Services from Micro or Small Enterprise and Payment is due/not paid, to such Micro and Small Enterprise for 45 days from the date of acceptance.
due date of filing of form mSME-1
Every company shall require to file MSME -1 as a half yearly return, in respect of outstanding payments to MSMEs. This is half yearly return.
From April to September- Due Date is 31st October
From October to March- Due Date is 30th April
Details required to file this form
- MSMEs to whom payment is outstanding for more than 45 days
- Total outstanding amount (Party wise)
- Reasons as to why payment is pending (Party wise)
