Companies with any kind of transactions with micro and small enterprises are required to file the detail of their overdue payable to such enterprises. The last date to file is 22/02/2019.
“Enterprise”, includes all proprietorship, Hindu undivided family, an association of persons, co-operative society, partnership firm, company or undertaking.
Any Company with outstanding payment to “Micro And Small Enterprises“, (Not Medium Enterprises), for more than 45 days are required to fill the form MSME-1.
The 45 days period starts from the “Day of Acceptance/Day of Deemed Acceptance”
The day of acceptance is the day of the actual delivery of goods or services when a written communication has taken place from the buyer’s side regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or services.
The day deemed acceptance means that the buyer states in writing that their no objection regarding acceptance of goods or services within fifteen days from the day of the delivery of goods services, the day of the actual delivery of goods or services.
Classification of Enterprises under the MSMED Act, 2006
|(on the basis of Investment in Plant, Machinery or Equipment)
|Enterprises Engaged in the Manufacture or Production of Goods
|Enterprises Engaged in Providing or Rendering of Services
|Up to INR 25 Lacs
|Up to INR 10 Lacs
|INR 25 Lacs to INR 5 Crores
|INR 10 Lacs to INR 2 Crores
|INR 5 Crores to INR 10 Crores
|INR 2 Crores to INR 5 Crores
Frequency and Due dates for filing the Form MSME-1 – Half Yearly
- Initial returns due date – February 22, 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 are now required to list out all your possible transactions with Micro & Small Enterprises which has to be confirmed with the respective parties also. You will have to prepare a detailed list of all your outstanding dues exceeding a period of 45 days, and report the same to MCA in Form- MSME-1 after every 6 months.