About MSME FORM-I Return (ROC)
The MSME 1 Form is a form which tells us about the outstanding payments to Micro or Small Enterprises, which a Company or a firm has to make. This is for the payment of the Half-yearly returns with the Registrar of ComPANies in the context of the payments mentioned above. This was initiated in order to protect the interest of the small group of comPANies and businesses, by the Ministry of Corporate Affairs. This came into the picture in 2006 and was a major change by the authorities.
The details required to file MSME FORM I
The following are the details which are required for the MSME Form 1 Registration. These are mentioned below:
- The name and PAN of the supplier
- The amount which is due to the supplies of goods and services
- The due date of the amount
- A proper reason for the delay of the payment.
Consequences of Not Filed
In case, if your Company fails to file the MSME FORM-I, either mistakenly or knowingly, then the firm is fined with a penalty of Rs. 25,000. Even if the Company has provided any information or stats which is not correct, then also it is liable to be punished. The officer of the Company who is in default, could also be imprISOned for a tenure of 6 months, and be fined a min of 25,000 which can extend up to 3,00,000. Also, the officer in default can be charged with both the punishments.
Applicability on ComPANies:
Any type of Company, be it a Public or Private, or Micro or Small, as per the notification issued by the MCA, has to file the FORM MSME I. The Company which satisfies the following two conditions are required to fill this form. These are:
- The Company must have received goods and services from either Micro or Small Enterprises.
- The payment shouldn’t be clear, i.e. the payment must be due for these Small or Micro Enterprises even after 46 days after receiving the goods.
It is to be kept in mind that MSME 1 is not applicable to Medium Firms.