Filing of New Form MSME -1 New ROC Compliance

Recently, the ministry of company affairs has prescribed some new ROC compliance to be done by every company registered in India by filing new forms with Registrar of companies. This is in keeping in view of government ideology of Minimum Government Maximum Governance. This will increase the secretarial work of the company. One such secretarial compliance to be done by every company is the filing of form MSME-1 with MCA.

Filing of form MSME-1

Every company which has received goods or services from Micro & Small Enterprise (Registered under MSME Act) AND Payment is due/ not paid to such enterprise for 46 days from the date of acceptance, shall file a one-time return or transitional return within 30 days of enablement of such form on a portal.

What is the due date for filing form MSME-1

  • The due date for first ROC filing of form MSME-1 is within 30 days of the introduction of such form on a portal of MCA.
  • Due date of subsequent returns are as mentioned below:
  1. For Half year period ‘April to September’ – 31st October
  2. For half year period ‘October to March’ – 30th April

Thus, as on date MSME-1 form is not notified on a portal, however, we have to keep a track on same and as soon as the form is introduced, same need to be filed immediately with MCA in order to avoid penalty.

Which information is required for filing form MSME-1

Following are the list of information are required for ROC filing of form MSME-1

  1. Total outstanding amount due on 22nd January 2019 [For One time return, which has to be submitted by 21st February 2019]
  2. Name of Supplier
  3. PAN of Supplier
  4. Date from which such amount is due
  5. Reasons for delay in payment

What are the penalties for Non-Filing of Form MSME-1?

In case default has been made by either company or any officer of the company in aforesaid ROC compliance, the following penalty shall be levied on the same namely,

  1. On Company – up to Rs. 25,000
  2. On every officer, in default– imprisonment for a term which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to three lakh rupees, or with both.

Already a lot of annual and event-based compliance was required to be done by the company and now, besides aforesaid new forms, some other new forms have to be filed as mentioned below. You may contact us for our entire list of ROC compliance services.

  • Form DPT-3: To report details of outstanding loans borrowed & / or money received (not treated as deposits), to track sources of money received by a company. It is yet to be notified.
  • Form BEN-1: To report details of legal & beneficial owners of a company, to enhance transparency in the corporate world. It is yet to be notified.
  • NFRA-1: To report details of auditors of a company, to improve investor & public confidence in the financial reporting of an entity. It is yet to be notified.
  • Form ACTIVE: Every Company incorporated on or before 31st December 2017 shall file particulars of Company and its Registered Office in e-form ACTIVE on or before 25th April 2019.

You may contact us for aforesaid secretarial compliance services . We have an experienced team of company secretaries and chartered accountants who may help you in aforesaid compliance in a professional manner.

Author: Anil Agrawal
EZYBIZ India Consulting LLP, New Delhi. The firm is business and tax consultancy firm providing consultancy in Taxation, Regulatory, Transfer pricing, Valuation, Corporate funding and Business set up matters. He may be reached at 9899217778 or anil@ezybizindia.in.