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MSME FORM I RETURN (ROC)

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:

  1. The name and PAN of the supplier
  2. The amount which is due to the supplies of goods and services
  3. The due date of the amount
  4. 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:

  1. The Company must have received goods and services from either Micro or Small Enterprises.
  2. 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.

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FAQ - Frequently asked questions

Is it required to file MSME Form I if the Company is having ‘Nil’ outstanding amount?

No, if there is no outstanding amount then no need to file this form.


Which Companies are required to file the MSME Form I?

All the Companies i.e. public, private, listed or unlisted etc, who get supplies of goods or services from micro and small enterprises i.e MSME’s and whose payments to such MSME’s are overdue for more than forty-five days from the date of acceptance or the date of deemed acceptance of the goods or service.


What is the Objective of MSME-1 Form?

Ans. furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises


Whose details are required to be reported?

Ans. Whose payments exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per provisions of Section 9 of the Micro Small and Medium Enterprises Development Act, 2006 (MSMED Act)


What is the Due Date to file MSME-1 Form?

a) For the Half-year period April to September – 31st October b) For the half-year period October to March – 30th April


 What is the Penalty for Non-Filing of Form MSME-1?

Non-compliance will lead to punishment and penalty under the provision of the Companies Act. As per Penalty Provision of Section 405 (4) of the Companies Act, 2013


What is ROC return filing?

The income tax return is submitted to the Income Tax department whereas ROC returns are filed with the Ministry of Corporate Affairs (MCA) with whom the company is registered. It is mandatory to file the prescribed ROC forms and other returns on an annual basis.


What are the government fees applicable for annual ROC filing?

The fees differ based on your turnover and share capital These fees apply for a turnover of Rs.1 crore. ● AOC 4: Rs. 300 ● MGT-7: Rs.400


Is return filing with ROC not same as an income tax return?

An income tax return is submitted to the Income Tax department whereas ROC returns are filed with the Ministry of Corporate Affairs (MCA) with whom the company is registered. It is mandatory to file the prescribed ROC forms and other returns on an annual basis.


Which Companies are required to file the MSME Form I?

All the Companies i.e. public, private, listed or unlisted etc, who get supplies of goods or services from micro and small enterprises i.e MSME’s and whose payments to such MSME’s are overdue for more than forty-five days from the date of acceptance or the date of deemed acceptance of the goods or service.