07/02/2019
MSME Return Form -1 FAQ:
1. Who is filling MSME return in Form-1?
Every Company, who get supplies of goods or services from Micro and Small Enterprises and whose payments to Micro and Small Enterprise Suppliers exceeds 45 days from the Date of Acceptance or the Date of Deemed Acceptance of the goods or services. (Here after referred to as ‘Specified Company’).
2. What is date of acceptance means?
a) The day of the actual delivery of goods or the rendering of services; or
b) where any objection is made in writing by the buyer regarding acceptance of goods or services within fifteen 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;
3. What is the day of deemed acceptance” means?
where no objection is made in writing by the buyer regarding acceptance of goods or services within fifteen 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;
4. Requirement of Return
The Ministry of Micro, Small and Medium Enterprises, Central Government vide notification number S.O. 5622(E), dated the 2nd November 2018 has directed that all companies.
Who get supplies of goods or services from micro and small enterprises; and
whose payments to micro and small enterprise suppliers exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services
shall submit a half yearly return to the Ministry of Corporate Affairs stating the following:
a) the amount of payment due; and
b) the reasons for the delay.
5. Whether every company needs to file e-form MSME-1?
a. Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification.
b. As per our understanding all companies who received supplies from the Micro and Small Enterprises need to file the first time return whether they have any outstanding or not.
6. What is due date for filing First Time/ One Time Return?
Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification.
One Time Return (Due date to file-within 30 days of publication of these rules i.e. 20th February, 2019 from the notification date (i.e. 22nd January, 2019 + 29 days the Due date of filing this Form I is 20th February 2019.
In this initial return, item number 3 of the Form shall be filled.
7. What is requirement for filling one time / Half yearly Return?
The following information is required to be given in the Return –
a) Outstanding dues to micro and small enterprises; and
b) Reasons for Delay in the amount of payments due.
Details of outstanding shall be as under –
i. Financial Years/Particulars;
ii. Name of Suppliers;
iii. PAN of Suppliers;
iv. Amount due; and
v. Date from which the amount is due.
8. Who signed the MSME – 1 Form
The form is required to be signed by a director, manager, CEO or company secretary.
Thanks
CS Ashish Jain
Contact:- 9540416795
