Trust all of you doing amazing in life and enjoying our corporate updates. Today we would like to share our viewpoints regarding MSME-1. Hope you will share this writeup with your near and dear ones:-
- e-Form MSME-1 has to be filed twice (Due Date – May 30, 2019).
- 1st MSME-1 for amounts outstanding as on 22.1.2019. This is a one time return.
- 2nd MSME-1 for amounts outstanding as on 31.3.2019. This is a half yearly return.
- Just like DPT-3, MSME-1 is also NOT REQUIRED to be filed where there is NIL reporting/ outstanding.
- Form MSME-1 is required to be filed only when the amount is outstanding beyond 45 days from the date of acceptance of supplies.
- It is to be filed only when the amount due is to suppliers who are registered under the MSME Act 2006 and the company knows about the same.
- Certification by professional is NOT required in MSME Form.
- These Forms are to be filed only by Companies.