OVERVIEW OF Form MSME-1
The Ministry of Corporate Affairs (MCA) issued a notification on 22 January 2019 that specific companies having outstanding dues to the MSME (Micro, Small and Medium) enterprises have to file the particulars of all current outstanding dues in Form MSME-1 with the ROC (Registrar of Companies).
Companies need to identify if their suppliers are registered or not under the MSME Act, 2006. When the suppliers are registered under the MSME Act, and there are outstanding dues by a company to the MSME suppliers, it must file Form MSME-1.
ELIGIBILITY CRITERIA FOR Form MSME-1 IN INDIA
The companies that are eligible to file FORM MSME-1 have taken money from MSMEs and have yet to return it. Simply put, every company which has received services or goods from MSMEs and payment for those services haven’t been made 45 days after receiving them has to file MCA form MSME-1.
DOCUMENTS REQUIRED TO OBTAIN AN Form MSME-1
- CIN and PAN of the company
- Name, address and e-mail of the company
- Name and PAN of the suppliers
- Outstanding amount due against the supply of goods or services
- Date from which the amount is due
- Reason for delay in payment of the amount due
FAQS ABOUT Form MSME-1 ?