Who is required to file form MSME-1
If you are a company and answer to the following questions is “Yes”, then you are required to file Form MSME-1
- Has your company received goods or services from MSME entities?
- Are there outstanding balances in Company’s accounts pertaining to payments due to such MSME entities for more than 45 days as on 22nd January 2019?
- Are there outstanding balances in your accounts pertaining to such MSME entities from which goods or services were received during October 2018-March 2019 and payments due for more than 45 days as on 31st March 2019?
When and how many Form MSME-1 are to be filed ?
|First||30 May 2019||Upto 22 Jan 2019|
|Second||30 May 2019||Oct 2018 to March 2019|
The form requires details such as PAN, Name of Supplier, Amount Due and reason for delay
- If any company fails to file MSME-1 or knowingly furnishes any incomplete / incorrect material information , it shall be punishable with fine which may extend to Rs. 25,000
- Every officer of the company who is in default, shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than Rs. 25,000 but which may extend to Rs. 3,00,000 , or with both.
Get in touch with suppliers immediately to know about their MSME registration status and request for their MSME/Udyog Aadhar registration number or copy of certificate.
Additionally, obtain balance confirmation certificates to ensure disclosure of correct amounts in the return.
This blog is contributed by CS Prerna Gupta | Partner : Preksh Corpserve LLP