Easy Guide to MSME Form 1 (MCA) with Filing Procedure & Due Dates

MSME Form 1 Due Date (Half Yearly Return)

Form MSME I (half-yearly return) has to be filed within 30 days from the end of each half-year in respect of outstanding payments to Micro or Small Enterprise i.e. 30th April 2020 (for October 2019 to March 2020) 31st October 2020 (April 2020 to September 2020).

Important Definitions:

Specified Companies: As per the provisions of section 9 of the MSME Development Act, 2006, Specified companies are those companies who receive the supply of goods or services from MSMEs and the payment against these supplies to the suppliers of these MSMEs exceed 45 days from the date of acceptance (deemed acceptance) of the goods or services

Micro and Small Enterprise: The Micro and Small Enterprise mentioned above mean any class or classes of enterprises (including proprietorship, Hindu undivided family, partnership firm, company, undertaking, an association of persons or co-operative society

Applicability on Companies:

As per a notification issued by the MCA it has been mandated to file disclosures through Form MSME I for every type of the Company – Public or Private Company, Micro or Small Companies; the Company that satisfies the following two conditions:

• Condition 1: Company must have received Goods and/or Services from Micro or Small Enterprise
• Condition 2: Payment must have been due/not paid, to such Micro and Small Enterprise for 46 days from the date of acceptance

Note: Date of deemed delivery refers to the acceptance of goods and services by the buyer in written with no objection with the product or services received within the 15 days time period.

Due Date for Filing MSME Form 1 (MCA):

The Half-yearly return

• Every company is required to file the MSME Form I as half yearly return by 31st October, effective for the period from April to September and once again by 30th April for the period October to March every year, relating to the outstanding payments to MSMEs.

Who should not file the form? (Exemption to this rule)

• This Rule applicable not for all the Companies but only for those Specified Companies whose payment to MSMEs suppliers exceed 45 days from the date of acceptance or deemed acceptance of the goods or services as per the provisions under section 9 of the MSME Development Act, 2006.
• If the payment against supplier exceeds 45 days but the supplier/Creditors gives a declaration that they do not fell under the category of Micro or small Enterprises.