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MSME FORM I Return (ROC)
About MSME FORM-I Return (ROC)
Every specified company shall file MSME Form-I to report the
details of all outstanding dues (the amount of payment due and the reason of
the delay) to Micro or Small Enterprises suppliers shall file a half yearly
return in MSME Form, by 31st October for the period from April to September and
by 30th April for the period from October to March.
Specified Company: Companies who
get supplies of goods or services from micro and small enterprises and whose
payments to micro and small enterprise suppliers exceed forty five days from
the date of acceptance or the date of deemed acceptance of the goods or
services.
Details to be furnished in MSME-1:
- Name
of supplier
- PAN
of supplier
- Amount
due against the supplies of goods or services
- Date
from which the amount is due
- Reason
of delay in payment of the amount due
Consequences of Non Filing
If any company fails to file MSME FORM-I or knowingly furnishes
any information or statistics which is incorrect or incomplete in any material
respect, the company shall be punishable with fine which may extend to Rs
25,000/- officer of the company who is in default, shall be punishable with
imprisonment for a term which may extend to six months or with fine which shall
not be less than Rs 25,000/- but which may extend to 3,00,000, or with both.