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 30th 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.
GeM Registration Fees are not charged by the government for creating a seller account. Businesses can register on the Government e-Marketplace portal without paying any registration amount. Understanding GeM Registration Fees helps sellers know that only transaction-related charges may apply after receiving orders through the platform.
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