{"id":1689,"date":"2019-12-18T06:25:57","date_gmt":"2019-12-18T06:25:57","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=1689"},"modified":"2021-04-07T11:09:17","modified_gmt":"2021-04-07T05:39:17","slug":"msme-form-1-filing-procedure","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/msme-form-1-filing-procedure\/","title":{"rendered":"MSME Form 1: Know The Procedure to File, Due Dates and Penalties"},"content":{"rendered":"\n<p class=\"has-drop-cap\">MSME Form 1\nis a form that needs to to be filed by \u201cSpecified Companies\u201d who take any\nsupplies from the Micro, Small or Medium Enterprises in the form of either\ngoods or Supplies. It is filed two times in a year that implies that it is a\nhalf-yearly return. Furthermore, it is necessary to file this form and failing to\ndo so may call up legal actions against such firms. Let\u2019s learn about this\ne-form in detail through this blog.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/msme-form-1-filing-procedure\/#What_is_MSME_Form_1\" >What is MSME Form 1?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/msme-form-1-filing-procedure\/#Purpose_of_MSME_Form_1\" >Purpose of MSME Form 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/msme-form-1-filing-procedure\/#Who_are_eligible_to_file_the_MSME_Form_1\" >Who are eligible to file the MSME Form 1?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/msme-form-1-filing-procedure\/#Details_to_be_furnished_in_the_MSME_Form_1\" >Details to be furnished in the MSME Form 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/msme-form-1-filing-procedure\/#The_due_date_for_filing_MSME_Form_1\" >The due date for filing MSME Form 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/msme-form-1-filing-procedure\/#Procedure_for_filing_MSME_Form_1\" >Procedure\nfor filing MSME Form 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/msme-form-1-filing-procedure\/#Late_Filing_Penalty_for_MSME_Form_1\" >Late Filing Penalty for MSME Form 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/msme-form-1-filing-procedure\/#Final_words\" >Final words<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_MSME_Form_1\"><\/span>What is MSME Form 1?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The MSME Form\n1 is used to furnish a return to the Registrar of Companies regarding the\noutstanding payments to the micro or medium enterprises. In other words,\ncompanies who take any service or goods from the micro or medium enterprises\nhave to file half yearly return in MSME Form I regarding the payments not paid\nto such industries.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Purpose_of_MSME_Form_1\"><\/span>Purpose of MSME Form 1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The purpose\nof MSME Form 1 is to help the&nbsp;<a href=\"https:\/\/corpbiz.io\/msme-registration\"><strong>Micro\nand Small Medium Enterprises<\/strong><\/a><strong>&nbsp;<\/strong>and Small Scale Industries. The form was\nintroduced because many companies used to take goods and services but did not\npay for or paid the amount after much delay because of which these industries\nhad to suffer losses. On the other hand, the introduction of the MSME Form 1\ncompelled such companies to report the amount due for payment and the reason\nfor the delay of the payment after 40 days of the receipt of any goods or\nservices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_are_eligible_to_file_the_MSME_Form_1\"><\/span>Who are eligible to file the MSME Form 1?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>All the&nbsp;<em>companies<\/em><em>&nbsp; receiving goods or\nservices<\/em>&nbsp;from the MSMEs (Micro Small and Medium\nEnterprises)<\/li><li>All the&nbsp;MSMEs&nbsp;(Micro Small and Medium\nEnterprises), supplying goods and services to companies should &nbsp;file the return&nbsp;with\nthe&nbsp;ROC&nbsp;(Registrar\nof Companies)<\/li><\/ul>\n\n\n\n<p><strong>Companies that take any supplies from\nMicro and Small Industries<\/strong> and those\npayment is pending after 40 days from the date of the receipt of acceptance of\nsuch goods or services have to file a half-yearly return along with the details\nas prescribed. Such companies taking supplies in the form of goods or services\nis termed as Specified Companies. Additionally, the detail that needs to be\nfurnished in the MSME Form 1 are as follows;<\/p>\n\n\n\n<ul><li>The amount of payment which is due<\/li><li>The reasons for the delay in payment<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Details_to_be_furnished_in_the_MSME_Form_1\"><\/span>Details to be furnished in the MSME Form 1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>The information that needs to be provided in the MSME Form 1;<\/em><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Regarding Initial Return:<\/h3>\n\n\n\n<ul><li>PAN of the Company<\/li><li>E-mail Id of the Company<\/li><li>The total outstanding amount unpaid as on date of notification of order<\/li><li>Details of the name of suppliers and amount of payments due (number of entries to be specified subject to maximum 99 rows)<\/li><\/ul>\n\n\n\n<p><strong><em>For each supplier the following details to be furnished<\/em><\/strong><\/p>\n\n\n\n<ul><li>Financial Year from<\/li><li>Financial Year to<\/li><li>Name of the Supplier<\/li><li>PAN of the Supplier<\/li><li>Amount due<\/li><li>Specify the date from which amount due<\/li><li>Reasons for delay in the amount of payments due<\/li><li>Optional attachment if any<\/li><\/ul>\n\n\n\n<p><strong>In the case of Regular half yearly\nreturn:<\/strong><\/p>\n\n\n\n<ul><li>Period for which it is being filed for<\/li><li>PAN of the Company<\/li><li>E-mail Id of the Company<\/li><li>Total outstanding amount due for the particular period<\/li><li>Details of the name of suppliers and amount of payments due (number of entries to be specified subject to maximum 99 rows)<\/li><li>Reasons for delay in the number of payments due (para)<\/li><li>Optional attachment if any<\/li><\/ul>\n\n\n\n<p><strong><em>For each supplier the following details to be furnished<\/em><\/strong><\/p>\n\n\n\n<ul><li>FY from<\/li><li>FY to<\/li><li>Name of the Supplier<\/li><li>PAN of the Supplier<\/li><li>Amount due<\/li><li>Specify the date from which amount due<\/li><\/ul>\n\n\n\n<p>The e-form\nMSME FORM 1 has to be digitally signed by the following authorized persons of\nthe company<\/p>\n\n\n\n<ul><li>Director or<\/li><li>Manager or<\/li><li>Company Secretary or<\/li><li>CEO or<\/li><li>CFO<\/li><\/ul>\n\n\n\n<p>The director\nhas to provide his DIN, in case of Manager, Company Secretary, CEO or CFO their\nPAN details have to be given.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/what-is-the-procedure-of-msme-registration-online\/\">MSME Registration \u2013 Know the Entire Procedure<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_due_date_for_filing_MSME_Form_1\"><\/span>The due date for filing MSME Form 1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The initial\nreturn has to be submitted by every Specified Company in MSME Form 1 regarding\nthe outstanding payment to the micro or medium enterprises within 30 days from\nthe date of publication of the notification<\/p>\n\n\n\n<p><strong><em>The due date for filing the half-yearly return in Form 1 is given below;<\/em><\/strong><\/p>\n\n\n\n<table class=\"table table-bordered\"><tbody><tr><td>\n  <strong>Sr.\n  No.<\/strong>\n  <\/td><td>\n  <strong>Filing\n  period<\/strong>\n  <\/td><td>\n  <strong>Date\n  for filing<\/strong>\n  <\/td><\/tr><tr><td>\n  1.\n  <\/td><td>\n  April\n  to September\n  <\/td><td>\n  31<sup>st<\/sup>&nbsp;October\n  <\/td><\/tr><tr><td>\n  2.\n  <\/td><td>\n  October\n  to March\n  <\/td><td>\n  30<sup>th<\/sup>&nbsp;April\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_for_filing_MSME_Form_1\"><\/span>Procedure\nfor filing MSME Form 1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>The step by step procedure for filing MSME Form 1 is as follows;<\/em><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 1:\nDownload e-form<\/h3>\n\n\n\n<p>Once you have downloaded the form, select whether you\nare filing the initial or half-yearly return.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 2:\nFill CIN<\/h3>\n\n\n\n<ul><li>After completing the previous step, enter the CIN of your company and click on the prefill button. Also enter the Global Location Number and PAN Card Number of the Company.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Step 3:\nEnter Basic Details<\/h3>\n\n\n\n<p><em><strong>In this step, the applicant is required to enter his basic details as has been given below:<\/strong><\/em><\/p>\n\n\n\n<ul><li>Name of the Company<\/li><li>Address of the Registered Office and<\/li><li>Email ID and other contact details of the Company.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Step 4:\nDetails for Initial Return<\/h3>\n\n\n\n<p>The applicant is required to enter the details regarding the amount that is due to the MSMEs,\nsuch as given below:<\/p>\n\n\n\n<ul><li>The total Outstanding Amount as on the Notification Date,<\/li><li>Details of the Financial Year,<\/li><li>The name of suppliers,<\/li><li>Supplier\u2019s PAN Card details,<\/li><li>Outstanding Amount,<\/li><li>The particular date from which the amount is outstanding;<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Step\n5: Details\nfor Half-yearly Return<\/h3>\n\n\n\n<p>Half yearly return is also known\nas a \u201c<strong><em>Regular\nReturn<\/em><\/strong>\u201d. In\nadditional, the requisite\ndetails for this part\nare as follows:<\/p>\n\n\n\n<p><strong>Amount Outstanding From April to\nSeptember and October to\nMarch<\/strong><\/p>\n\n\n\n<ul><li>Financial Year Details (\u201c<strong><em>From<\/em><\/strong>\u201d &amp; \u201c<strong><em>To<\/em><\/strong>\u201d),<\/li><li>Name of Suppliers,<\/li><li>Suppliers PAN Card details,<\/li><li>The Outstanding amount,<\/li><li>Particular Date from which the Amount is Outstanding.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Step 6: Edit any incorrect information<\/h3>\n\n\n\n<p>Once you\nclick on the prefill button, all the details regarding your company will be\nfilled automatically. However, you can edit the e-mail id of your company if it\nis changed<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 5: Enter the amount of due payment<\/h3>\n\n\n\n<p>Then you need\nto enter the amount which is due to be paid to the micro or medium enterprises\nand then finally submit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Late_Filing_Penalty_for_MSME_Form_1\"><\/span>Late Filing Penalty for MSME Form 1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Companies who fail to comply withSection 405 (1) and (3) of the\u00a0<strong>Companies Act, 2013<\/strong><a rel=\"noreferrer noopener\" href=\"http:\/\/www.mca.gov.in\/MinistryV2\/companiesact2013.html\" target=\"_blank\"><sup>[1]<\/sup><\/a>\u00a0are liable for a penalty as mentioned under Section 405 (4) of this Act as follows;<\/p>\n\n\n\n<table class=\"table table-bordered\"><tbody><tr><td>\n  <strong>Sr.\n  No.<\/strong>\n  <\/td><td>\n  <strong>Particulars<\/strong>\n  <\/td><td>\n  <strong>Penalty<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>1.<\/strong>\n  <\/td><td>\n  On\n  defaulting company\n  <\/td><td>\n  Up\n  to Rs. 25, 000\n  <\/td><\/tr><tr><td>\n  <strong>2.<\/strong>\n  <\/td><td>\n  On\n  offer in default\n  <\/td><td>\n  Minimum\n  fine of Rs 25, 000 which can be extended up to Rs. 3, 00, 000 Or, Imprisonment\n  extending up to six months Or Both\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Final_words\"><\/span>Final words<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>You should remember these key features of MSME Form 1;<\/em><\/strong><\/p>\n\n\n\n<ul><li>It applies only to only micro or medium enterprises<\/li><li>It is not compulsory to file a Nil return<\/li><li>Reimbursement of expenses is not covered under MSME<\/li><li>Companies need to take confirmation from the supplier whether they fall under the category of MSME or not<\/li><li>The form should be signed by the management\/ officials of the company only.<\/li><\/ul>\n\n\n\n<p><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/government-schemes-launched-by-msme\/\">What are The Government Schemes Launched by MSME?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MSME Form 1 is a form that needs to to be filed by \u201cSpecified Companies\u201d who take any supplies from the Micro, Small or Medium Enterprises in the form of either goods or Supplies. It is filed two times in a year that implies that it is a half-yearly return. Furthermore, it is necessary to [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":1690,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[176],"tags":[239],"acf":{"service_id":"71"},"authorName":"Tanya Verma","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2019\/10\/IMG-20190703-WA0001__01-150x150.jpg","authorDescription":"Tanya is working as writer &amp; editor from past 2 years with experience in covering startup and technology related topics.","postViews":27642,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/1689"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=1689"}],"version-history":[{"count":10,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/1689\/revisions"}],"predecessor-version":[{"id":28652,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/1689\/revisions\/28652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/1690"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=1689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=1689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=1689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}