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FORM MSME-1
FORM MSME-1 is a form introduced by the Ministry of Corporate Affairs (MCA) in India to help Micro, Small and Medium Enterprises (MSMEs) to report their outstanding payments to other MSMEs. The purpose of the form is to ensure that the payments are made within the stipulated time frame and to prevent any delay or non-payment.
All companies that have outstanding payments to MSMEs for more than 45 days from the date of acceptance of the goods or services are required to file FORM MSME-1. The form needs to be filed twice a year – by 30th April for the period from October to March and by 31st October for the period from April to September.
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Overview of FORM MSME-1
FORM MSME 1 is to be filed by all the companies receiving supplies of goods or services from MSEs & whose payment to MSEs exceeds 45 days from the date of acceptance of or the date of deemed acceptance of supplies of goods or services as per the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (hereinafter referred to as specified companies), to submit half-yearly return to MCA. The return should state the following:
• The amount of payment due
• The reasons for the delay
Due Dates of filing are as follows:
• For the period April to September – by 31st October.
• For the period October to March – by 30th April.
Our professionals will help you in filing Form MSME-1 by due dates.
Advantages of FORM MSME-1
- Encourages timely payment: By filing FORM MSME-1, MSMEs can ensure that their payments are made within the stipulated time frame, thereby reducing the instances of delayed payments or non-payment.
- Helps in monitoring: The form helps in keeping a track of the outstanding payments owed to MSMEs by larger companies, which can help in monitoring the compliance of the larger companies with the provisions of the MSME Development Act.
- Reduces financial burden: Timely payment of dues can help MSMEs to manage their finances better and reduce the financial burden of delayed payments or non-payment.
- Easy to file: The form can be filed online through the MCA21 portal, which makes the process of filing the form simple and easy.
- Legal protection: Filing FORM MSME-1 can provide legal protection to MSMEs against non-payment of dues by larger companies, and can help in resolving disputes related to payments in a timely manner.
- Helps in the growth of MSMEs: Timely payment of dues can help MSMEs to invest in their business and promote growth, which can in turn contribute to the overall growth of the economy.
Registration Process of FORM MSME-1
Step 1:Collecting Documents/Information: After getting your request, our representative will collect the necessary information & documents from you.
Step 2: Form Preparation & Filing: Afterward, we will prepare your FORM with the required documents & file the same with the registrar in 1 working day.
Documents Required of FORM MSME-1
1. Total outstanding amount.
2. Name of the supplier
3. PAN of the Supplier
4. Date from which the amount was due
5. Reason or reasons in payment delay
FAQ's on FORM MSME-1
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