Page Contents
micro small and medium enterprises
The Micro Small & Medium Enterprises (MSMEs) are defined in India in the MSME Act 2006 according to the capital investment made in plant and machinery, excluding investments in land and building.
For multiple kind of industries which come under classification criteria, an MSME license is preferred since it has the below incentives scheme & benefits:
Below types of business entities covered under the MSME are:
According to the rules, every specified companys are required to file MSME Form I with Roc in the situation mentioned below:
Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification which is 22nd January.
All the specified MSME Company shall file a return as per MSME Form I annexed to this Order, by 31st October for the period from April to September and by 30th April for the period from October to March.
Specified Company means Every Company “Public or Private” who Received Goods or Services ‘from’ Micro or Small Enterprises ‘of which’ Payment Due or Not Paid till 45 days.
For more reading:
All companies having outstanding payments to MSME for more than 45 days from the date of acceptance or deemed acceptance of goods or/and services, who are not required to file the MSME Form I.
The Companies who have no outstanding payments to MSME or such outstanding payments are for not more than 45 days are not required to file this form.
Every Company within 30 days from the date of the notification i.e. 22nd February 2019 (22nd January 2019 + 30 days) is required to file this form as Initial Return.
All MSME Company within 30 days from the last day of half-year shall file the regular half-yearly return.
INITIAL RETURN:
Total outstanding amount, Details of suppliers, and payments due (PAN of Suppliers)
REGULAR HALF YEARLY RETURN
Total outstanding due for the period and particulars of suppliers therein for the period, Reasons for delay in payment.
Penalty Provision as per Section 405 (4) of the Companies Act, 2013, if the said details are not submitted to MCA on or before 20/02/2019 or the information submitted is incorrect or incomplete.
Fine
NOTE: Non-compliance with such provisions will lead to punishment and penalty under the provision of the Act
https://youtu.be/PG48SK_4YQ8.
Popular Articles :
Setting Up A Business With 100% Export Oriented Units (EOUs) along with FDI Foreign investors must first assess their entry… Read More
Important Points for Taxation of Share Transaction & Disclosing F&O Income The income from these transactions should be reported under… Read More
Overview on International Financial Services Centre in GIFT City An International Financial Services Centre (IFSC) is a jurisdiction that caters… Read More
Why you should file ITR even if your income is less than INR 2.5 Lakhs ? While it may not… Read More
Form No. 67 filling for availing Foreign Tax Credit is a directory nature & not Compulsory. In Matter of Ms.… Read More
Guidance on ITR Reporting of Foreign Equity/Debt Investments When filing your Income Tax return in India, it is essential to… Read More