20 Important FAQ’S ON E- FORM MSME-1

20 FAQ’s ON E- Form MSME-1

Ministry of Corporate Affairs (MCA)  has made amendments under Schedule III of the Companies Act, 2013 and read with notification S.O. 368(E) dated 22nd January, 2019 and introduced Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order 2019 thereby notified filing of Form MSME-1.

Under Form MSME -1 The companies are required to make certain disclosures pertaining to the    vendors registered under the Micro, Small and Medium Enterprises  Development Act, 2006 (MSMED Act, 2006)

Link: http://www.mca.gov.in/Ministry/pdf/MSMESpecifiedCompanies_22012019.pdf

Imp. Q. Can we file MSME forms pursuant to CFSS Scheme ?

Ans. No, There is no fees that is to be paid while filing the MSME form and The CFSS grants immunity from any additional fees, penalty and prosecution.

Form MSME-1 is also not included in the list of forms available under CFSS Scheme.

FAQ’s ON MCA E-Form MSME-1

S. No.	Questions	Answers
1	What are the Provisions applicable to MSME-1 Form?	Order 2 and 3 dated 22 January, 2019 issued under Section 405 of the Companies Act, 2013
2	What is the Objective of MSME-1 Form ?	furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises
3	Nil Return (no outstanding amounts) is required to be filed?	No.
4	What is Return Type?	Half Yearly Return (the form was introduced with two types of returns – Initial and Half Yearly Return.)
5	What is the Due Date to file MSME-1 Form?	a) For Half year period April to September - 31st October b) For half year period October to March – 30th April
6	Who is required to file MSME- 1 Form?	All 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 as per the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act, 2006
7	Whose details are required to be reported ?	Whose payments exceed 45 days from the date of acceptance or the date of deemed acceptance of the goods or services as per provisions of Section 9 of the Micro Small and Medium enterprises Development Act, 2006 (MSMED Act)
8	If agreement terms for payment is 28 days, and payment is made after 28 days?	it is termed as delayed payment and should be reported under MSME-1 Form.
9	If agreement is made to make payment within 60 days between the parties but as on date of filing return the amount is outstanding for more than 45 days but less than 50 days. Whether reporting is required or not?	In this case, Reporting has to be made as per the rules made thereby and shall be given if the amount is outstanding for more than 45 days.
10	In case, if there is no agreement?	15 days criteria will be applicable when there is no agreement or/  for agreement maximum 45 days.
11	If any Supplier is not registered under MSMED Act, 2006 and at the time of Filing return he got status of Micro or Small ?	Reporting should be required to be made for that supplier.
12	How many Entries we can made for vendors in a single form ?	99 Entries
13	If as on 31.03.2020 No outstanding payment to MSME vendor, But there was delay in payment of some MSME vendor more than 45 days which has been paid on or before 31.03.2020. Whether Company needs to give details of such invoices in the form?	Companies have to give details of outstanding payment to MSME vendor only on due date i.e. 31.03.2020 Payment has already been made to vendors before 31.03.2020, then company is not required to give details of such transaction in MSME-1.
14	If entries are more than 99 then what?	Multiple forms can be filed, if entries are more than 99.
15	If Company is under IBC Process – Who is required to file?	Duty of Resolution Professional is to file it (only Advisable)
16	Exemption to file MSME-1 Form?	Medium Enterprises are not require to file.
17	Is their any additional fee (late fee) for delay filing of MSME Form?	No Fee
18	Is their any statutory filing fee for the filing of MSME Form	No Additional Fee
19	Processing Type of this E-form	The form will be processed in STP mode.
20	What is the Penalty for Non-Filing of Form MSME-1?	Non-compliance will lead to punishment and penalty under the provision of the Companies Act. As per Penalty Provision of Section 405 (4) of the Companies Act, 2013

About Author:

CS Lalit Rajput

Email id: lalitrajput537@gmail.com / +91 8802581290

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IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION. THIS HAS BEEN SHARED FOR KNOWLEDGE PURPOSES ONLY.

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20 FAQ’s ON EPF ADVANCE TO FIGHT COVID-19 PANDEMIC

20 FAQ’s ON EPF ADVANCE TO FIGHT COVID-19 PANDEMIC

Employees’ Provident Fund Organization, India, Ministry of Labour & Employment, Government of India has issued FREQUENTLY ASKED QUESTIONS ON EPF ADVANCE TO FIGHT COVID-19 PANDEMIC Dated 26/04/2020.

FAQ’s ON EPF ADVANCE TO FIGHT COVID-19 PANDEMIC

Q1: What is the process for change in name on marriage of a woman member against UAN when changes are made in Aadhaar?

Ans. The name change process if the Aadhar data is changed is similar to other change requests. Member has to apply online and employer will digitally approve the request. The correction request can be submitted online or offline (joint request) along with a copy of the marriage certificate or such other documents which can prove that only the name of  the member has changed from before marriage. Documents like school records  containing  Father's name and Date of birth or PAN taken before marriage etc. are a useful to show that only name has changed after marriage.

Q2: The link ‘Know your UAN’ is not available on unified portal. Is  approaching  employer for this the only option?

Ans. Visit unified member portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface

·         Select Member ID, Aadhaar or PAN

·         Enter details such as name, date of birth, mobile number and e-mail id as per EPFO records

·         Click on the “Get Authorization Pin” option

·         A Pin will be sent to your mobile number registered with EPFO

·         Enter the Pin and your UAN will be sent to the mobile number

Q.3: I have already applied advance for illness in March 2020 which is pending. I want    to apply for advance to fight COVID pandemic now. What should I do?

Ans. During pendency of any other advance, the application for COVID-19 claim is permitted.

 

 

Q.4: KYC updation needs approval by Employer by using  his  DSC.  When  Establishment is closed and there is no Employer, who is to approve the same?

Ans. The approval of KYC by employer is an online facility which can be operated irrespective  of the location. Please request the employer to approve the KYC.

Q5: For filing of  claim a copy of  cheque with name of member or copy of pass book is  to be uploaded. Member does not have name on his cheque leaf and it is  now  difficult  to get it from Bank. Even going to bank and getting an attested copy of bank statement  is not easy as Banks are far away. What is the other option that can be made available?

Ans. As per prevailing instructions it is mandatory to upload a cheque leaf containing the  printed name of the member, or the first page of the bank Passbook or bank statement containing the name, account number and IFSC. This is required to ensure that the bank account number uploaded in the KYC is correct and erroneous payments are avoided.

Q.6: I have worked for two companies and working in third one now. How to get PF accumulations of earlier companies transferred to present one  so that I can file claim  for COVID advance?

Ans. In case the name, date of birth and gender in all the accounts is same, the member can apply online for transfer through his login. The present UAN should be validated with Aadhar.   In case of difference once he gets the basic details corrected in other accounts, he can apply online.

Q.7: You claim  to settle COVID advance claims within 72 hours? It is over 4 days when    I applied. I have still not received the money in my bank account. Why?

Ans. EPFO settles claims for availing advance to fight COVID-19 pandemic within 03 working days. After processing of the claims, cheque is sent to the bank for crediting amount to bank account of the claimant. Bank usually take additional one to three working days to credit advance in your bank account.

Q.8: I live in city A and work in City B. However, Head Office of my company is in city

C. Which EPF office has to be contacted for any matter?

Ans. You should approach EPF office where your establishment is registered. To find  concerned EPF office where your establishment is registered visit https://unifiedportal-  e pfo.epfindia.gov.in/publicPortal/no-auth/misReport/home/loadEstSearchHome

·         Fill in establishment PF code or name

·         Enter captcha and click on search

·         Establishment details will appear in tabular format.

·         Confirm the establishment Id, Name  and Address and in column four EPF office name  is provided.

Q.9: I need to contact the EPF office through email or phone. Please  provide  me  contact details of EPF office.

Ans. Please visit   www.epfindia.gov.in/site_en/Contact_usphp Click on the Zonal office under which EPF Regional/District office falls>> Click on concerned Regional/District office to get their contact details.

Q.10: I have applied for COVID epidemic advance. How to check status of my claim?

Ans. Visit https://passbook.epfindia.gov.in/MemberPassBook/Login Click online services>> track claim status.

Q.11: I work in a company in Jammu which was covered under J&K PF Act. Since last year this company is covered under Employees Provident Fund Act, 1952. Can I file  claim for fighting COVID pandemic?

Ans. Yes member can apply for advance from the contributions received by EPFO.

Q.12: Why your toll-free number is not accessible?

Ans. Services  will be resumed shortly. Pending resumption of services, you may contact us    on our Facebook and twitter handle “socialepfo”. You can raise your grievances at epfigms.gov.in.

Q.13: I have a balance of Rs 100000 in my PF account and applied for  Rs  75000  advance for COVID. At the rate of 75%, I should get Rs. 75000. Why a much lesser amount has been credited to my account?

Ans. The 75% of the amount standing to your credit is maximum permissible limit and  the  same is applicable if it is lesser than basic  wages and dearness allowances for three months.   If 75% of the balance is more than three months  wages,  advance equal to three months  wages (Basic+DA) is sanctioned as per the rules. If your monthly wage is Rs.20000, the  entitled advance amount is Rs 60000 only. If the monthly wages are Rs 30000, the amount of advance will be restricted to Rs.75000.

Q.14: I am not able to file COVID claim. Please help me.

The process is also noted below:

a.              Login            to             Member            Interface             of             Unified           Portal (https://unifiedportalmem.epfindia.gov.in/memberinterface)

b.              Go to Online Services>>Claim (Form-31,19,10C & 10D)

c.              Enter  your Bank Account and verify

d.              Click on “Proceed for Online  Claim”

e.              Select PF Advance (Form 31) from the drop down

f.               Select purpose as “Outbreak of pandemic (COVID-19)” from the drop down

g.              Enter amount required and Upload scanned copy of cheque and enter your address

h.              Click on “Get Aadhaar OTP”

i.               Enter the OTP received on Aadhaar linked mobile.

j.               Claim is submitted

Q.15: I have balance available in my account. How many times I can  get  advance  to fight COVID?

Ans. The advance to fight COVID-19 pandemic is available once only.

Q.16: What is the last date for applying COVID advance?

Ans. The facility for availing advance to fight COVID-19 pandemic will be available till the pandemic prevails.

Q.17: I have two different UANs. The first UAN is linked with one PF member ID and the second UAN is linked with 2 different member IDs. Can I  avail  COVID  advance  benefits? How to get maximum benefit in this case.

Ans. Yes. In order to get maximum benefits, you are requested to transfer all the previous services (linked with multiple member IDs) to the latest member ID. This can be done by filing   a transfer claim. Once the service is successfully transferred your entire PF corpus will reflect against the latest member ID. Subsequently you can file COVID advance claim to reap maximum benefit.

Q.18: My COVID claim has been rejected due to member details mismatch. How can I rectify this issue?

Ans. You can update your member details by logging into member e-sewa portal available at https://unifiedportal-mem.epfindia.gov.in/memberinterface/. Once the details are updated you can file the claim once again.

Q.19: How can I file COVID claim through UMANG app?

Ans:

Step 1: Open Umang app Step 2: Select EPFO

Step 3: Select “Request for Advance (COVID-19)”

Step 4: Enter your UAN details and click on 'Get OTP' to get one-time password. Use this OTP to login in your account.

Step 5: Enter the OTP and click on login. Once you are logged in you are required to enter    the last four digits of your bank account and select the member ID from the drop-down menu. Click on “Proceed for claim”

Step 6: Enter your address. Click on 'Next'.

Step 7: Upload the cheque image with your account number and name printed on it. Once all the details are entered, your claim will be successfully filed.

Q.20: I have left the service but not yet availed the final PF withdrawal benefits.  Can I  still avail the COVID advance?

Ans. Yes. COVID advance can be filed by any PF subscriber. Since you have not withdrawn your PF funds you are still a PF member.

Source: https://www.epfindia.gov.in/site_docs/PDFs/Updates/covid_faq_26042020.pdf

Disclaimer:

IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.

THIS HAS BEEN SHARED FOR KNOWLEDGE PURPOSES ONLY.

About Author:

CS Lalit Rajput

Email id lalitrajput537@gmail.com / +91 8802581290

SEBI reduces Broker turnover fees and filing fees for issuers

SEBI reduces Broker turnover fees and filing fees for issuers

·         Overview

Securities and Exchange Board of India (SEBI) vide Press Release No. PR No.: 24/2020  issued and publish dated 27^th April, 2020, has published SEBI reduces Broker turnover fees and filing fees for issuers”

Key Highlights

·         In its continuing efforts to help market participants to tide over challenges due to COVID 19, Securities and Exchange Board of India (SEBI) has decided to reduce broker turnover fees and filing fees on offer documents for Public issue, Rights issue and Buyback of shares.

·         The broker turnover fee will be reduced to 50% of the existing fee structure for the period June 2020 to March 2021. The benefit of the above reduction in fees will automatically be passed on to the investors as well.

·         Filing fees on offer documents for Public issue, Rights issue and Buyback of shares will be reduced to 50% of the existing fee structure. This will be effective for documents filed from June 1, 2020 to December 31, 2020.

Source:

https://www.sebi.gov.in/media/press-releases/apr-2020/sebi-reduces-broker-turnover-fees-and-filing-fees-for-issuers_46571.html

Disclaimer:

IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.