Update on E Form MSME-1 - Dated 29.05.2019 (As per Webinar)

Updates on MSME-1

ICSI Webinar dated 29.05.2019

1. Two Returns: Initial & Half Year

2. No Extension for any return as the due date is 30^th May 2019 and both returns have to be filed.

3. Date of Invoice or Date of Receipt of invoice:

For Return purpose Date should be taken as per terms of the Agreement and if no Agreement is there then it should be taken as per the Provisions as mentioned under MSMED Act 2006.

4. If agreement terms for payment is 28 days, and payment is made after 28 days then it is termed as delayed payment and should be reported under MSME-1 Form.

As 45 days criteria will be applicable when there is no agreement or agreement for 45 days.

5. If any Supplier is not registered under  MSMED Act, 2006 and at the time of return he got status of Micro or Small then reporting should be required to be made for that supplier.

6. Multiple forms can be filed, if entries are more than 99.

7. If Company is under IBC Process – Duty of Resolution Professional to file it (only advise)

8. IF Company is incorporated in FY 2018 -19, even then reporting is required to be made for the half year.

Lets say, Company is incorporated in January 2019, even then reporting for half year is required.    

9. Financial Year from to: Activated for Initial Return

10. MSME-1 Form is governed as per MSMED Act, 2006 provisions.