MSME-1 Deposit Form for March 2020 | No extension yet


Posted May 1, 2021 by Neail1

The introduction of MSME-1 is another initiative of the current government to promote MSMEs by setting up a mandatory deposit system twice a year by its senior clients.

 
Why MSME-1 Model?
MSME-1 Deposit Form for March 2020- The introduction of MSME-1 is another initiative of the current government to promote MSMEs by setting up a mandatory deposit system twice a year by its senior clients.
It is stated that all companies that obtain supplies of goods/services from institutions and whose payments to these institutions exceed forty-four days from the date of acceptance or the date of acceptance scheduled for these goods/services (hereinafter referred to as “specific companies”), are required to provide Semi-annual return to the Ministry of Trade and Finance showing the amount of the payment due and the reasons for the delay. The order required all selected companies to provide details of all these unpaid dues through MSME 1 deposit.
What is MSME
MSMEs
Article 7 of the Micro, Small and Medium Enterprises Development Act of 2006 defines MSMEs as follows:

The term companies includes companies, a partnership company, a personal association, an undivided Hindu family, a cooperative community, a property company etc.
It should be noted that the MSME 1 model does not apply in the case of unpaid amounts due to medium enterprises.
Instant due date
The deadline for submission of the MSME-1 for the half year ended March 31, 2020 (October 2019 – March 2020) is April 30, 2020 unless extended by the MCA given the current prevailing cases. This applies to all specific companies.
Make an MSME sample file
Some important points to consider for depositing the form:
This is the time for regular semi-annual return since the initial return has already been introduced in 2019.
The form picks up the amount due as of March 31, 2020 in addition to any payment made after 45 days. The invoice can belong to any period other than the second half corresponding to 2020.
The total unpaid amount must be mentioned in column No-4 (a) of the form. The outstanding amount also includes the capital and interest on it.
In column 4 (b), the form focuses on the late amount information, i.e. payment due and over 45 days + payment after 45 days
(1) Details of the supplier for whom the amount has not been paid, as in March 31, 2020, and the entitlement is more than 45 days and no payment has been made.
(2) If any amount is paid during this six-month period, the second half of 2020 (i.e. October 2019 – March 2020) and there is a delay of more than 45 days.
The amount mentioned in col 4 (a) may not be calculated with 4 (b).
No zero returns are required because the MSME-1 model will not capture “ZERO”
Punishment
Criminal provisions for non-filing / misinformation will be punished under Article 405 of the Companies Act 2013 and the penalty under the MSME Act.
Failure to comply with the order should result in an extendable fine of twenty-five thousand rupees. Moreover, any employee who fails to work for the company specified is liable to imprisonment for a period of six months or a fine that can extend to three rupees lakh, not less than twenty five thousand rupees or both.
Form a request to confirm the applicability of the MSME Law of 2006.
ABC COMPANY PRIVATE/ LIMITED,
Regd Address : XX XX XXX

Date XX/XX/2020

M/S XYZ (Proprietorship/ Partnership)
NDH
Delhi -1100XX

Sub: Request for confirmation for the applicability of the Micro, Small and Medium Enterprises Development Act, 2006.
Dear Sir,
As you are aware, the Government of India enacted the Micro, Small and Medium Enterprise Development Act 2006 (Act).
We ask you to confirm whether your organization is registered under the Micro, Small and Medium Enterprise Development Act of 2006. If your organization is registered under the law, select the category and please tick the box [] against the appropriate clause mentioned below.
(A) Type of Organization

1. Micro Enterprises [ ] Registration No:. ……………………………………………………

2. Small Enterprises [ ] Registration No:. ……………………………………………………

3. Medium Enterprises [ ] Registration No:. ……………………………………………………

(B) PAN Number: …………………………………………………………

(C) eMail ID: …………………………………………………………

(D) Mobile No: …………………………………………………………
Please attach a copy of the valid registration certificate and PAN and send it to us at the address below mentioned by the company office or its email within 7 days of receiving this letter so that we can receive it by the twenty-twenty of 2020.
If you are taking registration under the MSMED 2006 Act in the future you must inform ABC Private / Limited along with a copy of the registration certificate within two days of receiving the MSMED registration certificate.
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Issued By LetsComply
Country India
Categories Finance , Legal , Loans
Tags msme , MSME Registration , MSME Model
Last Updated May 1, 2021