Form MSME 1

If MSME entities are your vendors you need to pay them within 45 days. Else you need to file MSME 1 -Be compliant!

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What details to be reported in MSME 1?


CIN and PAN of the company
Name, address and e-mail of the company
Name and PAN of the suppliers
Outstanding amount due against the supply of goods or services
Date from which the amount is due
Reason for delay in payment of the amount due

Who should file Form MSME -1?

Specified companies need to file when payment due to MSME exceeds 45 days from the date of acceptance of service or goods. The specified companies are -
That has obtained goods and services from MSME.
Payment exceeds 45 days.

What are the key information taken in MSME 1?

The form captures the amount of outstanding at the end of each half year plus any payments made beyond 45 days during the half year. It captures both the principal as well as any interest there off.

How should we know who is covered under MSME?

It is requirement of the payer to confirm with its vendor seeking information about the MSME status and also seek copy of the MSME certificate. To fulfill this requirement standard letters need to be sent out annually to all vendors who can be MSME.

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Documents Required For Form MSME 1

Proprietor

  • PAN (Permanent Account Number) of all proposed directors (Self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed Directors. (Self attested)
  • Latest passport size Photographs of all directors.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 Month (Self attested)

One Person Company

  • PAN (Permanent Account Number) of all proposed Share Holders (self attested)
  • Identity Proof (Voter Id, Passport, Driving License) of all proposed ShareHolders (Self attested)
  • Latest passport size Photographs of all Share Holders.
  • Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement not older than 1 month (Self attested)

Private Limited

  • Electricity Bill along with Rent Agreement OR Ownership proof and NOC

Public Limited

  • INC 14
  • INC 15
  • Projected Income and Expenditure Account
  • Grounds for making application

Partnership Firm

LLP

NGO

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Key aspects to know about MSME 1

Purpose of MSME 1

MSME 1 is a half yearly submission to be made by any company having outstanding payments to MSME for more than 45 days. If there is no such dues exceeding the terms, then form need not be submitted.

Credit definition in MSMED Act.

Sec 15 of the act states that dues of MSME vendor must be made on or before the agreed date. If no date is agreed then within 15 days of acceptance of goods or service. Further agreed terms cannot exceed 45 days.

Due date of Filling MSME -1.

It is to be filled half yearly within one month of end of half year. Hence 31st Oct of Apr to Sep period and 30th April for Oct to Mar period.

Consequence of non filling of MSME 1.

The company and every officer in default will be liable to a penalty of Rs.20K and in case of continuing failure each will be liable to a penalty of Rs.1,000 per day subject to maximum of Rs.3 lakhs.

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Frequently asked questions

Can we file MSME forms pursuant to CFSS Scheme ?

MSME 1 is not listed in CFSS scheme. Filing of this form requires no fees

If there is no outstanding amount do the form need to be submitted

No. NIL return is not required

If payment term agreement with MSME is say 30 days and payment is made before 45 days is it required to be reported

YES. As it is delayed payment hence need to be reported. Advise is take 45 days terms in agreement if possible and then pay in advance to that.

If an enterprise not initially registered under MSMED Act but got registered before filling of return, is it need to be reported

Reporting has to be done even for such cases

How many entries can me made for vendors in a single form

99 entries. If the number is more than 99, then multiple forms can be filled.

With nil outstanding, however delayed payment during the year, is the submission of the form required

If the payment has already been made before the relevant period end, and outstanding are nil, then form submission is not required.

Are Medium enterprise exempted from filling MSME 1

Yes. It is not applicable for them

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