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MSME Form – I: Initial Return and Half Yearly Return

MCA has introduced new E-Form MSME Form – I regarding ‘Micro and Small Enterprise Suppliers’ on 22nd January 2019.

What is ‘MSME Form – I’?

MSME Form-I is a form issued by MCA for getting details from all the companies who receives goods and services from micro and small enterprises and whose payment to these suppliers exceeds 45 days from the date of acceptance of goods.

Who are Micro, Small and Medium (MSME) Enterprises? Enterprises are bifurcated between Micro, Small and Medium on the basis of their investments in Plant and Machineries/Equipments:

ParticularsMicroSmall Medium
Manufacturing EnterprisesUp to Rs. 25 LacsMore than Rs. 25 Lacs but up to Rs. 5 CroresMore than Rs. 5 crores but up to Rs. 10 crores
Service EnterprisesUp to Rs. 10 LacsMore than Rs. 10 Lakhs but up to Rs. 2 croresMore than Rs. 2 crores but up to Rs. 5 crores

Note: Only Micro and Small Enterprises are covered under this notification and hence, medium enterprises are not required to file MSME Form I.

Applicability of MSME Form I

It applies to all companies:

  • who gets supplies of goods or services from micro and small enterprises, and
  • whose payments to such micro and small enterprise suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services (Specified Companies)

are required to submit MSME Form – I by stating:

  • the amount of payment due; and
  • the reasons of the delay

Further, in accordance with MSME Act, 2006, “the Day of Acceptance” means

  • the day of the actual delivery of goods or the rendering of services; or
  • Where any objection is made in writing by the buyer regarding acceptance of goods or services within 15 days from the day of the delivery of goods or the rendering of services, the day on which such objection is removed by the supplier.

In accordance with MSME Act, 2006, “the Day of Deemed Acceptance” means where no objection is made in writing by the buyer regarding acceptance of goods or services within 15 days from the day of the delivery of goods or the rendering of services, the day of the actual delivery of goods or the rendering of services.

Due date of filling MSME Form I

Initial Return: Every specified company was required to file e-form MSME Form – I, details of all outstanding dues to Micro and Small enterprise suppliers as at May 31, 2019 (the extended due date).

Half Yearly Return: Every specified company shall file a half yearly return in e-from MSME Form I as: 

PeriodDue date of Filling
From April to September31st October
From October to March30th April

Details to be furnished in MSME Form – I

  1. Period (Apr to Sep or Oct to March) required in regular half yearly return
  2. PAN of the Company
  3. Email Id of the Company
  4. Company Identity Number(CIN) of the company
  5. Total outstanding amount due as on date of notification of order
  6. Particulars of the name of suppliers and amount of payments due, for each supplier the following details to be furnished
    • Financial Year from
    • Financial Year to
    • Name of the Supplier
    • PAN of the Supplier
    • Amount due
    • Specify the date from which amount due
  7. Reasons for Delay in amount of payments due
  8. Optional attachment if any
  9. The e-form MSME FORM I to be digitally signed by the following authorised persons of the company (to be given in regular half yearly return only)
    • Director or
    • Manager or
    • Company Secretary or
    • CEO or
    • CFO

For director, DIN details to be given. For Manager, Company Secretary, CEO or CFO PAN details to be given.

Penalty and Prosecution

If any company fails to comply with the notification or knowingly furnishes any information or statistics which is incorrect or incomplete in any material respect

ParticularsPenalty
On defaulting companyExtended Up to Rs. 25,000/-
Every Officer who is in defaultMinimum Fine Rs. 25,000/- which may extended to Rs. 3,00,000/-
Or
Imprisonment which may extended to 6 Months or Both

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