MSME-1 Few Points:
1. The Last date of filing MSME-1 for the half-year ended 31st March 2020(October 2019- March 2020) is 30th April 2020 unless extended by MCA considering present prevailing situations. This is applicable to all specified companies.
2. NIL returns not required to be filed as the form MSME-1 will not capture 'ZERO'
3. The form capture the Outstanding amount as on 31st March 2020 + any payment made beyond 45 days. The invoice may belong to any period.
4. The total outstanding amount to be mentioned in the column no-4(a) of the form. Here the outstanding amount included interest as well.
5. The form shall capture in column 4(b), two data /information (Payment due more than 45 days + Payment made after 45 days)
(1) All the details of supplier to whom there is Outstanding as on 31st March 2020 which is more than 45 days due and payment not made.
(2) In case any payment made during this six month period (i.e October 2019 - March 2020) and there is delay of more than 45 days.
6. The amount mentioned in col 4(a) may not tally with 4(b)
7. Penal provisions for non-filing/wrong information will be penalized under section 405 of the companies act 2013 + Penalty under MSME act.
8. This form is not to be certified by any professional. No filing fees also required. This is an STP form.
CAclubindia
