MSME Dues Return Filing

Each company having the transactions with Micro and small enterprises as defined under MSME development Act, 2006 shall be required to file the detail of overdues payable to such Enterprises.

Which Companies are required to file the Form: MSME-1?

Specified Company: Any Company having payments outstanding to “Micro And Small Enterprises”, (Not Medium Enterprises), for more than 45 days.

When does the period of 45 days commence?

The period of 45 days commences from the “Day of Acceptance/Day of Deemed Acceptance”

Classification of Enterprises under MSMED Act, 2006 (on the basis of Investment in Plant, Machinery or Equipment) 

                                               Manufacturing Companies                     Service Companies
Micro Enterprise                Upto INR 25 Lacs                                     Upto INR 10 Lacs
Small Enterprise                INR 25 Lacs to INR 5 Crores                  INR 10 Lacs to INR 2 Crores
Medium Enterprise           INR 5 Crores to INR 10 Crores              INR 2 Crores to INR 5 Crores

Frequency and Due dates for filing the Form: MSME-1

The Form has to be filed half yearly, with the “Initial return’s” due date being 22/02/2019.

♦ For the period from April to September : 31st October
♦ For the period from October to March : 30th April

Details to be filled in the Form MSME-1:

♦ Details of the Micro or Small Supplier, along with the PAN.
♦ Amount due (exceeding 45 days)
♦ Date from which amount due, i.e. “Day of acceptance”
♦ Reasons for delay

As a Company, you shall now have to list out all the possible “MICRO & SMALL ENTERPRISES” and confirm the same with the parties themselves, and prepare a detail of your outstanding dues exceeding a period of 45 days, and report the same to MCA in Form- MSME-1, half-yearly.