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.